Latest Breaking News On - Uot she said the panel also approveda motion for committee on energy to request president fora special session so that bill will be approved and enacted immediately rodrigo roa duterte earlier called congress review country 39s oil deregulation law give government power intervene in event ofa spike prices revisit provisions unbundling of price inclusion minimum inventory requirements pna - 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