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Proposed amendments to oil deregulation law ensure fair pricing

MANILA - Pampanga Rep. Juan Miguel Arroyo, House Committee on Energy chairman, on Monday said the proposed amendments to the Oil Deregulation Law will ensure fair and transparent pricing of fuel products amid the global supply crunch. In the committee report, Arroyo said a task force composed of the Department of Energy (DOE) and the Philippine Competition Commission (PCC) shall be created to investigate any unreasonable increase in the prices of petroleum products. Arroyo said this is among the strong anti-trust safeguards in the measure to ensure fair competition and prevent cartels and monopolies from dictating prices. "The amendments will prevent any unreasonable price increase, particularly over and above the indicative retail price as determined by the Oil Industry Management Bureau (OIMB) of the Department of Energy," Arroyo said. Under the bill, members of the task force will be tasked with the drafting of rules and guidelines to ensure efficiency, promptness, and eff

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