Latest Breaking News On - Uot arroyo said in an interview he among the main reasons why oil industry was deregulated include stabilizing and providing reasonable prices encouraging competition investments removing cross product subsidies committee report substituted house bill 10505 resolution 1651 introduced by hb 4550 deputy speaker vilma santos recto 4771 - Page 1 : comparemela.com
(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