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A House panel is debating a bill that would amend the Oil Deregulation Law.

MANILA, Philippines β€” To combat rising petroleum and fuel prices, a bill amending the Downstream Oil Industry Deregulation Act made it through a committee in the House of Representatives.

The House Committee on Energy, chaired by Pampanga Rep. Juan Miguel Arroyo, accepted the replacement bill amending Republic Act 8479, or the “Downstream Oil Industry Deregulation Act of 1998,” on Tuesday, subject to form and style changes.

The proposed revisions to RA 8479 include, among other things, institutionalizing minimum inventory requirements for petroleum products for supply security and unbundling the cost of petroleum.

Arroyo noted in his opening address that fuel and petroleum costs have been rising as a result of Russia’s conflict on Ukraine.

“We have a larger work ahead of us in attempting to reduce the rise in petroleum and fuel prices,” Arroyo added.

Rep. Stella Quimbo of Marikina City requested that a section in the replacement bill be further changed to explicitly reflect that the Department of Energy’s price monitoring mechanism will be based on the unbundled retail price of petroleum products.

“Unbundling the retail price of domestic petroleum products does not contradict the premise of deregulation, but rather serves as a mechanism for ensuring its efficacy. As a result, the DOE must be mandated and equipped to keep track of unbundled retail prices “Quimbo stated his opinion.

She also advocated giving the President the authority to suspend or reduce gasoline excise taxes if Dubai crude oil prices, as measured by the Mean of Platts Singapore (MOPS), exceed USD80 per barrel.

“Finally, although we remain committed to deregulation and competitive markets, we must also enact legislation that can respond to the needs of our people in the event of shocks, natural disasters, or conflicts. We should not be left without the power to have swift redress when supply and demand effects result in the suffering of many Filipinos in a deregulated environment, because we are bound by the impacts of supply and demand “she stated

The panel endorsed Bayan Muna Rep. Zarate’s proposal to request a special session from President Rodrigo Roa Duterte on behalf of the Committee on Energy as a whole.

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