The Makabayan bloc in the House of Representatives is pressing for the passage of House Bill (HB) 8127, which seeks to return Petron under government control. Lawmakers argue that the move would give consumers leverage against what they describe as cartel practices in the oil industry.
The proposal follows remarks from businessman Ramon Ang, who said he had no objection if the government decided to buy back the oil company.
The bloc stated:
“Hindi maaaring habang nagmamahalan ang langis at bilihin, hawak ng iilan ang industriya at nakatali ang mamamayan sa walang habas na taas-presyo.”
Petron, sold to San Miguel Corporation in 2008, operates the country’s largest oil refinery and is a dominant player in the Liquified Petroleum Gas (LPG) market. Lawmakers stressed that reacquisition would break the cartel’s grip and ensure stable supply during crises.
In its proposal, the bloc explained:
“This measure is part of the broader push for genuine oil industry reform that restores effective state intervention against monopoly pricing and cartel behavior, reduces vulnerability to external shocks and war-driven disruptions, and rebuilds strategic capacity for national industrial development.”
Makabayan solons Antonio Tinio (ACT Teachers), Sarah Elago (Gabriela), and Renee Co (Kabataan) also underscored the need to amend the Oil Deregulation Law to protect vulnerable sectors such as transport workers, farmers, fisherfolk, commuters, and consumers.
The group added:
“Panahon nang bawiin ang kontrol sa mahahalagang industriya at tiyakin na langis, enerhiya, at kabuhayan ang pinaglilingkuran, hindi ang tubo ng iilan.”