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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
(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