Marcos ‘weighs’ revising oil law

President Ferdinand Marcos Jr. said repealing the Oil Deregulation Law is not off the table, but the government is now more focused on responding immediately to those affected by the oil crisis.

“Nothing is being discounted,” said Marcos in an interview during the 47th commencement exercises of the Philippine National Police Academy in Silang, Cavite on Tuesday.

He said amending the Oil Deregulation Law by Congress would take time.

“But what we are focusing on now is immediate, you know, we will have to amend the Oil Deregulation Law. I don’t know when it will come out,” he said.

Marcos earlier signed Republic Act 12316, granting him emergency powers to temporarily suspend or reduce the excise tax on petroleum products, and allowing him to circumvent legislative action to curb rising fuel prices until 31 December 2028 if prices surpass the $80-per-barrel benchmark.

Price freeze

Meanwhile, Presidential Communications Undersecretary Claire Castro stressed the Palace did not say a price freeze on petroleum products was impossible, after Senator Bam Aquino asked why the President declared a state of national energy emergency rather than a national emergency.

According to the Department of Energy, only the prices of liquefied petroleum gas and kerosene are frozen during declarations of national emergencies and states of calamity. In contrast, gas and diesel are excluded under the Oil Deregulation Law.