Senator Erwin Tulfo on Sunday urged fellow lawmakers to expedite the review of the country’s decades-old oil deregulation policy, saying it leaves Filipinos vulnerable to volatile fuel prices.

“Filipinos are at a disadvantage because of this existing Oil Deregulation Law,” Tulfo made the call as pump prices continue to fluctuate amid the ongoing tensions in the Middle East, which have driven up global oil costs. 

He argued that the current legal framework prevents the government from taking a more active role in stabilizing domestic fuel prices.

“The government is limited by the law from controlling or dictating oil prices,” Tulfo said, noting that authorities can only appeal to oil firms to temper increases when global prices rise.

The senator is co-author of Senate Bill (SB) 641, filed by Senator  Sherwin Gatchalian, which seeks to institutionalize greater transparency in the downstream oil industry. 

The measure includes a review of Republic Act No. 8479, the law that liberalized the country’s oil sector.

Tulfo said the proposal aims to require oil companies to disclose a breakdown of their pricing, including acquisition costs, operating expenses, and profit margins per liter.

“Consumers deserve to know how prices are being set. Right now, there is a growing perception that fuel is being sold at overpriced levels,” he said.

The lawmaker noted that even during his time in the House of Representatives, he had pushed for the repeal of the deregulation law through a previous bill. 

Now in the Senate, Tulfo continues to question the measure’s impact, saying it has long placed Filipino consumers at a disadvantage.

Calls to revisit or repeal the law have also been consistently raised by transport groups, which are among the hardest hit by fuel price increases.

Tulfo said fast-tracking the proposed reforms could help ensure fairer pricing and greater accountability in the oil industry.