Malacanang said on Tuesday that it is past time for Congress to review the oil deregulation bill, citing the sharp rise in fuel prices resulting from global supply disruptions caused by the ongoing conflict between Russia and Ukraine.
Acting Cabinet Secretary Melvin Matibag told the ANC that the Department of Energy (DOE) and the Department of Finance (DOF) would meet with President Rodrigo Duterte on Tuesday night to address the call to suspend the gasoline excise tax following the weekly fuel price hikes.
“I think tonight, when the President meets with the Cabinet members, a more solid decision and a more compelling answer will be given to the public. I think tungkol sa [about the] oil subsidy will already be out after that meeting,” he said.
“The President also mentioned that they might call for an emergency session for the Congress. There should be some legislation to address this looming problem,” Matibag added.
Oil companies imposed another huge price hike on Tuesday, making it the 11th week in a row that prices have risen, with domestic pump prices already reaching P84.55 per liter in several places around the country. Gasoline prices increased by P7.10 per liter, diesel by P13.15, and kerosene by P10.50 starting on March 15.
Congress needs to review oil deregulation law – Palace
When asked if Duterte could do anything to prevent the price hike, Matibag responded, “I’m sure it’s in the agenda of the President later today when they will meet with the Cabinet. But the problem is alam naman natin na [we know that] there’s an oil deregulation law that’s been a problem a long, long time ago. So, it should be addressed.”
“Siguro [maybe] what should we do with this problem is to amount with a solution. Not only a short-term solution but a long-term one. Maybe time for Congress to take a look at the oil deregulation law if it still serves the public interest,” he added.
Malacanang had previously requested that Congress review the oil deregulation law, particularly the provisions on price unbundling and the inclusion of minimum inventory requirements in the law, and give the government intervention powers or authority to intervene when oil prices spike and/or stay high for a long time.
Government control is abolished under the law, formally known as the Downstream Industry Deregulation Act, to allow oil businesses to become more competitive in their supply and pricing of petroleum products.
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