Senate Deputy Majority Leader JV Ejercito called Monday for a comprehensive review of the nation’s energy policies, including the Oil Deregulation Law and the Electric Power Industry Reform Act (EPIRA), as Middle East tensions continue to drive up local fuel costs.

Ejercito expressed concern that the current deregulated framework limits the government’s ability to protect consumers from global market volatility.

“The crisis in the Middle East is a clear wake-up call for our government,” Ejercito said. “We are not involved in the conflicts of these powerful nations, yet we are among the first to feel the economic impact.”

The senator stressed the need for “unbundling” fuel prices to ensure transparency. He argued that oil companies should be required to provide a detailed breakdown of costs, including import expenses, taxes and refining margins, to prevent potential overpricing.

“It is inhumane that while many are struggling and losing their livelihoods, the profits of oil companies continue to swell,” Ejercito said.

Beyond the oil sector, the lawmaker from San Juan urged a re-evaluation of EPIRA, noting that electricity rates remain high despite the law’s original intent to lower costs through privatization and competition.

He pointed out that the country’s heavy reliance on imported coal, coupled with rising shipping costs, has doubled the burden on consumers.

As a long-term strategic move, Ejercito proposed the establishment of a national fuel reserve. The reserve would act as a buffer, allowing the government to release supply during shortages or periods of extreme price hikes.

“The truth is, we are not prepared for this crisis,” Ejercito said. “We need long-term solutions and proactive measures so that we are no longer caught off guard by global events.”