Given the continuing rise in the price of petroleum products that the Ukraine-Russia clash could exacerbate, Malacañang asked Congress to review the oil deregulation law.
In a press briefing on Wednesday, acting presidential spokesperson Karlo Nograles said the review of the oil deregulation law was among the medium-term measures agreed at a top-level special meeting held on Tuesday led by President Rodrigo Duterte.
“For the medium term, we call on Congress to review the oil deregulation law, particularly provisions on unbundling the price and the inclusion of the minimum inventory requirements in the law, as well as giving the government intervention powers or authority to intervene when there is a spike and/or prolonged increase in prices of oil products,” said Nograles.
Under such a law, formerly known as the Downstream Industry Deregulation Act, government control over the industry was removed to have market pricing competition.
Proponents of such a law expect those in the industry to lower the price of petroleum products.
However, the Palace will have to convene a special session if Congress wants to review the oil deregulation law.
Palace wants Congress to review oil deregulation law
The session of Congress was adjourned on February 4 and will only resume on May 23 or, after the May 9 national and local elections, for the canvassing of votes.
Nograles said Duterte also approved the economic team’s recommendation to strengthen the domestic economy, stabilize food prices, provide social protection, and distribute fuel discount vouchers to farmers and fishers due to the oil price hike.
Duterte also allegedly approved the recommendation of the Department of Agriculture to increase local food production.
“Kasama na rito ang pagpapataas ng produksiyon ng pagkain sa pamamagitan ng pagpapatupad ng Plant, Plant, Plant Part 2; pagpapataas ng rice buffer stock na hindi bababa sa 30 araw; pamamahagi ng tulong pinansiyal sa ating mga nagsasaka ng palay; at pagtugon sa tumataas na presyo ng abono o pataba,” the official said.
“President Rodrigo Roa Duterte has given assurances that mitigating measures and contingency plans will be in place as part of the government’s proactive response to the conflict in Ukraine,” said Nograles.
Visit our Facebook page for more news updates.