Makabayan files bills to impose regulation on oil prices

Lawmakers from the Makabayan bloc announced that the group had submitted two bills aimed at establishing petroleum products as a prime commodity and to abolish oil deregulation.

The bloc shared that it had initially filed House Bill No. 8765 which sought to amend the Price Act of 1992 with the intention of including various oil products as essential goods within the market.

Makabayan noted that the bill would allow the government to enact a price cap on oil and adjust prices during times of emergency and other forms of calamities.

Furthermore, under the provisions of Republic Act No. 7581, products classified as a prime commodity are protected from any form of price manipulation such as hoarding, profiteering, and cartel between companies that lead to an artificial price increase.

“Kagyat na kailangan ang proteksyong ito para mapigil ang garapalang overpricing at mapahupa ang domino effect ng fuel hikes sa pamasahe at bilihin,” the bloc said in its statement.

Building off of the latter bill's initiative, Makabayan said that it also pushed for the repeal of the Oil Industry Deregulation Act of 1998 that allows for private oil companies to freely conduct price hikes.

The group noted that the law had been abused by companies as not only did it grant them the liberty to rapidly increase prices but it also allowed them to incrementally decrease prices depending on the global market.

Lawmakers have noted that the law complicated the response and relief efforts that the government could provide to the public in light of subsequent double-digit price hikes as a result of the deregulation.

Makabayan explained that both the bills would hold oil companies accountable and have more transparency in terms of their inventory and profit margins to avoid unfair surges.

“Pipigilan ng mga panukalang batas na ito ang sitwasyon na kagyat na pagtataas ng presyo ng langis ng mga oil companies batay internasyunal na presyo kahit na may inventory sila na nabili sa mas murang halaga,” it stated.