MANILA - To mitigate the rising prices of petroleum and fuel products, a measure seeking to amend the Downstream Oil Industry Deregulation Act hurdled committee level at the House of Representatives. The House Committee on Energy, chaired by Pampanga Rep. Juan Miguel Arroyo, approved Tuesday, subject to form and style, the substitute bill that would amend Republic Act 8479, or the "Downstream Oil Industry Deregulation Act of 1998". Under the measure, the proposed amendments to RA 8479 include institutionalizing the minimum inventory requirements for petroleum products for purposes of supply security and unbundling the cost of petroleum, among others. In his opening statement, Arroyo said prices of fuel and petroleum have been increasing, triggered by Russia's war on Ukraine. "We are faced with the bigger task of trying to mitigate the rising prices of petroleum and fuel," Arroyo said. In her manifestation, Marikina City Rep. Stella Quimbo proposed that a provisi
To secure the country’s oil supply and prevent firms from unjustly adjusting their pump prices, the House Committee on Energy on Tuesday approved a substitute bill amending the Downstream Oil Industry Deregulation Act of 1998. Pampanga Rep. and House Committee on Energy Chairman Juan Miguel Macapagal Arroyo said through this…
House panel OKs bill amending Oil Deregulation Law, asks Duterte to call for special session cnnphilippines.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cnnphilippines.com Daily Mail and Mail on Sunday newspapers.
WITH their power of taxation and despite reservations from the government’s economic team, the Fuel Crisis Ad Hoc Committee has strongly recommended to the leadership of the House of Representatives approval of House Bill 10488 reducing excise tax on fuel products. In a letter to Speaker Lord Allan Velasco, the…