Today’s Headline | Paper Edition: MANILA -House panel OKs bill amending Oil Deregulation Law

Today’s Paper: March 16, 2022

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MANILA, Philippines — The House committee on energy approved Tuesday the bill amending the Downstream Oil Industry Deregulation Act as fuel prices continue to rise.

During its online meeting, the committee approved the measure, also known as the Oil Deregulation Law, “subject to form and style.”

The proposed amendments seek to, among others, institutionalize the minimum inventory requirements for petroleum products for purposes of supply security and unbundling the cost of petroleum.

“Unbundling the retail price of domestic petroleum product does not run counter to the principle of deregulation, and is, in fact, a tool to ensure its effectivity,” Marikina City Rep. Stella Luz Quimbo, one of the authors of the measure, said during the meeting.

“Thus, the DOE (Department of Energy) must be mandated and capacitated to monitor the unbundled retail prices,” she added.

READ MORE: https://newsinfo.inquirer.net/1568555/fwd-house-panel-oks-bill-amending-oil-deregulation-law

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