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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
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…
The House Committee on Energy will convene today, Tuesday, to resume deliberations on proposals to amend Republic Act 8479 or the “Downstream Oil Industry Deregulation Act of 1998.” Based on the committee schedule, a hybrid meeting will be held on March 15 to discuss the draft substitute bill to House…
A LEADER of the House of Representatives is pushing for the passage of a measure suspending the collection of the increase in excise taxes on gasoline, diesel and other oil products for four years. Deputy Speaker Rufus Rodriguez said his House Bill 10246, which he filed last October 29, 2021, seeks to suspend excise…