MANILA – House Deputy Majority Leader Erwin T. Tulfo on Tuesday led three other lawmakers in filing a bill seeking to repeal Republic Act 8479, or better known as the Oil Deregulation Law, to address the continuous increase in fuel prices.
House Bill No. 8898, signed by Tulfo and his colleagues from the ACT-CIS partylist Reps. Edvic Yap and Jocelyn Tulfo, and Benguet Rep. Eric Yap, introduces an “Act Establishing the Budget ng Bayan Para sa Murang Petrolyo” (BBMP), which is patterned from the Oil Price Stabilization fund during the 70s.
In the explanatory note of the proposed measure, the lawmakers said, the existing Oil Deregulation Law was designed to promote competition, transparency, and affordability within the local oil market.
“However, the complexity of global oil dynamics, the vulnerability of consumers to price fluctuations, and the necessity of ensuring energy security warrant a critical review of the current regulatory framework,” the bill stated.
Tulfo said that in repealing the Oil Deregulation Law, the measure reestablishes government price control of fuel pump prices and address the negative impact of frequent and abrupt fuel price changes on consumers.
In addition, the proposed measure also aims to establish the BBMP, to be administered by the Office of the President, in order to help maintain and stabilize oil prices whenever feasible, at prevailing reasonable retail or pump price level.
“By restoring government oversight, the bill seeks to protect ordinary Filipinos’ interests through addressing concerns on transparency and anti-competitiveness practices by fostering a fair market environment through government control,” HB 8898 said.
“The proposed repeal emphasizes robust consumer protection measures and regulatory oversight to intervene in case of unjustified price hikes,” it added.
Prior to filing HB 8898, Tulfo has earlier assailed the existing Oil Deregulation Law as useless.
“Nalinlang po ang taumbayan o naonse sa pagpasa ng batas na ito dahil paniwala tayo noon na magpapababaan ng presyo ang mga kumpanya ng langis kapag hindi na raw hawak o kontrolado ng gobyerno ang pagpapresyo sa produkto ng petrolyo (The people were hoodwinked in passing this law [RA 8479] because we were led to believe then that oil companies will lower their prices once government control over fuel pricing is removed),” Tulfo said in a privilege speech on Monday.
“Isa po itong kahibangan dahil sa halip na magpababaan ng presyo ngayon, naguusap-usap po ang malalaking kumpanya ng langis kung gaano kalaki at magkano ang itataas nila linggo-linggo (This is a delusion because instead of competing with each other now, the big oil companies talk with each other how much to increase their fuel prices weekly),” he alleged, noting the uniform hike in prices that oil companies impose.
He urged his fellow lawmakers for the immediate passage of the proposed measure for the sake of the people who carry the brunt of the ripple effect of the continuous rise in oil prices. (PNA)
