President Ferdinand R. Marcos Jr. said repealing the Oil Deregulation Law is not off the table but stressed that the government is prioritizing immediate measures to cushion the impact of the ongoing oil crisis.

“Nothing is being discounted, ibig sabihin lahat ng maaaring gawin upang mayroon tayong magawa para tulungan na pagaanin ang epekto ng gyera sa Middle East ay pinag-uusapan,” Marcos said in an ambush interview during the 47th Commencement Exercises of the Philippine National Police Academy in Silang, Cavite.

He noted that amending the Oil Deregulation Law would require legislative action and could take time.

“But what we are focusing on now is immediate, you know we will have to amend the oil deregulation mahaba pang diskusyon yon. I don’t know when it will come out. Our focus right now is what we can do immediately, kagaya ng sinabi ko sa statement ko, kung ano ang maaari kong paratingin kaagad na tulong sa taong-bayan. Yun ang aming ginagawa. Yun ang aming pinag-iisipan ngayon. Kaya lahat ng maaring gawin ay tinitingnan namin, pinag aaralan namin,” he said.

Marcos earlier signed Republic Act No. 12316, granting him emergency powers to suspend or reduce excise taxes on petroleum products and allowing faster intervention without prior legislative approval until 31 December 2028 if global oil prices exceed the $80-per-barrel threshold.

Price freeze under study

Meanwhile, Presidential Communications Undersecretary Claire Castro said the government is studying the possibility of imposing a price freeze on petroleum products following questions raised by Sen. Bam Aquino.

“Hindi po natin sinabing hindi magpa-price freeze. Ang sabi po natin, aaralin po ito. At ito po ay babalansehin at kung ano ang nararapat para po hindi lang isang sektor ang maaapektuhan – balanse para sa oil industries, balanse para sa taumbayan. So, hindi po natin sinasabing hindi magpa-price freeze pero ito po ay inaaral,” Castro said in a Palace briefing.

The Department of Energy said price controls currently apply only to liquefied petroleum gas and kerosene during states of emergency, while gasoline and diesel remain exempt under the Oil Deregulation Law.