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(File photo) MANILA - The chairman of the House Committee on Energy on Wednesday said the proposed amendments to the Downstream Oil Industry Deregulation Act would help Filipino consumers, particularly the poor and vulnerable, to cope with the surging fuel prices. Pampanga Rep. Juan Miguel Macapagal Arroyo said the panel-approved bill that would amend Republic Act 8479 would prevent oil companies from raising prices of old stock and require oil players to increase their minimum inventory to prevent fluctuations in local fuel prices. Arroyo said fuel prices continued to soar amid the Russia-Ukraine conflict that disrupted global oil supply, subjecting local fuel prices to weekly changes reflecting the "highly volatile geopolitical situation" in Eastern Europe. "Any large adjustment in oil prices makes it difficult for businesses and consumers to adjust quickly, thereby causing disruptions," Arroyo said in an interview. He said among the main reasons why the oil indus
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
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