Senator Erwin Tulfo pledged on Thursday to re-examine the Downstream Oil Deregulation Act of 1998 in an effort to restore government oversight on domestic fuel pricing.
Leading his first hearing as the head of the Senate Committee on Energy, Tulfo criticized the nearly three-decade-old legislation as an outdated policy that no longer addresses the modern needs of Filipino consumers.
The committee met to deliberate on proposed amendments to the law alongside plans to set up a national petroleum stock.
“I will ensure as chairman of this committee, while I am here, that we will review this law so that questionable pricing practices will not happen again—where the moment global market prices rise, gas stations immediately hike their prices the very next day,” Tulfo
“And when prices drop in the global market, it either takes months before the corresponding price cut is implemented, or the reduction is incredibly small,” he added.
During the panel discussions, Tulfo highlighted a potential partnership with the United Arab Emirates (UAE) to construct oil storage facilities in the Philippines.
Energy Secretary Sharon Garin confirmed the Department of Energy’s active efforts on this front, noting that the government is currently negotiating with both the UAE and Japan to establish both strategic and national oil reserves to secure the country’s energy supply.