Malacañang on Wednesday called on lawmakers to open a review on the Oil Deregulation Law in a bid to give the government powers to "intervene" amid the fuel price hikes happening as of late.
The Oil Deregulation Law removed the government's authority on controlling oil prices in a bid to make oil companies more competitive, but it is currently preventing the government now from taking more actions amid soaring oil prices.
"We call on Congress to review the Oil Deregulation Law, particularly provisions on unbundling the price and the inclusion of the minimum inventory requirements in the law," said acting presidential spokesperson and Cabinet Secretary Karlo Nograles in a press briefing.
He added that the review should also look at "giving the government intervention powers or authority to intervene when there is a spike and/or prolonged increase of prices of oil products."
The review of the Oil Deregulation Law is part of the government's medium-term response to the ongoing conflict between Ukraine and Russia, where the latter is a key crude producer.
It is one of the recommendations approved by President Rodrigo Duterte after meeting with key officials to discuss the Ukraine-Russia tensions.
Meanwhile, the Liga ng Transportasyon at Operators (LTOP) sa Pilipinas welcomed the call of Duterte for a review of the Oil Deregulation Law.
"Unang-una, nagpapasalamat kami sa ating kagalang-galang na pangulo, dahil po maraming mga nakaraang pangulo ay hindi po nilingon yung deregulation law," LTOP president Orlando Marquez told DZRH in an interview.
(First of all, we thank the president, because previous presidents in the past did not give a second look on the deregulation law.)
Marquez alleged that the passing and implementation of the law had benefitted relatives of lawmakers with businesses related to oil.
LTOP is currently calling for a minimum fare hike of P15 as a result of the rising fuel prices in the Philippines.
"Sukdulan na po 'yung taas. Hindi na namin kakayanin," Marquez said, adding that their decision to file for a fare hike was unanimous after a meeting with other members of their organization on Sunday.
(The hike is extreme. We cannot afford it.)
