Amid the continuing conflict in the Middle East, House Ways and Means Committee chairman and Marikina 2nd District Rep. Miro Quimbo called for a review of the oil deregulation law to help the government manage the impact of rising oil prices.

Quimbo, during Monday’s committee hearing on the proposed suspension of the excise tax on fuel products, said reviewing the law would empower the government to take the necessary measures to cushion the effects of continuing pump price increases.

“If the government has no power to regulate the price, it means there is a need to review the oil deregulation law for us to have the authority to enforce measures, especially in extraordinary times,” the lawmaker said.

Known as the Downstream Oil Industry Deregulation Act of 1998, the law removed government control over fuel pricing to allow oil companies to become more competitive in the supply and pricing of petroleum products.

The Marikina solon, however, pointed out that the implementation of staggered fuel price increases is merely an agreement between the Department of Energy (DOE) and oil companies and does not carry legal sanctions if a firm fails to follow it.

“Kung ano man ‘tong lumalabas na usapin na dapat hanggang dito lang, dapat staggered, lahat ito it’s a modus vivendi, parang informal na usapan between the DOE and the big oil companies, tama? At tinatalaga ninyo ito pag Tuesday para mas predictable? Pero in reality, puwede nilang hindi sundin ‘yan, tama?” Quimbo said.

“So, for example, a price was already indicated and somebody was caught or we monitored a higher price than what was supposed to be sold, we don’t have the power to penalize them even if they’re in violation of a specific law,” he added.