Sotto Wants Government Control Over Gas Prices Back — Files Bill to Repeal Oil Deregulation Law

With fuel prices spiraling out of control because of the Middle East conflict, Senate President Tito Sotto is pushing to bring back government control over oil prices. He filed Senate Bill 1984 seeking to repeal Republic Act 8479, also known as the Oil Deregulation Law — the very law that allows oil companies to freely adjust prices every week.

The numbers are alarming. Oil prices have gone up in double digits for two consecutive weeks now, pushing petrol products past P100 per liter. DOE data shows gasoline prices ranged from P63.40 to P75 per liter from March 10-16, while diesel hit between P70.95 and P91 per liter. Kerosene? As high as P134.89 per liter.

"It is high time to give back to the state the authority to manage fuel prices," Sotto said in the bill's explanatory note released on March 18. "Now that our petroleum prices are directly impacted by the geopolitical tension in the Middle East, transparency, scrutiny and uniformity in pricing are needed more than ever."

The government has already started distributing fuel subsidies to PUV drivers, but the ongoing Iran-Israel war threatens to keep oil prices elevated for the foreseeable future. Palace Press Officer Claire Castro urged Filipinos to stay calm and avoid fear-mongering, saying the President and the government remain "in control of the situation."

When asked about Sotto's proposed repeal, Castro said the matter is best left to Congress. Meanwhile, the Department of Energy is also exploring ways to manage the electricity generation mix to soften an expected rise in power rates next month. Brace yourselves, mga kababayan — the ripple effects of this oil crisis are far from over. ⛽💸

Source: Philstar.com