REGION-10 Philippine Councilors League President Councilor George Goking today urged the Philippine Councilors League national for a review the country's oil deregulation law in order to give government the power to intervene in the event of a spike in oil prices.
Goking said, the global oil market developments like the Russia-Ukraine crisis is felt globally and now responsible for the oil price increases.
Goking even appeal to Cagay-anons to integrate now the energy efficiency and conservation (ECC) into the daily lives to help now manage costs.
“This is now the continues call of the energy department for the observance of EEC measures,” said Goking.
Earlier, the DOE according to Goking assured the public that the country's oil supply remains sufficient.
“The inevitability of domestic price spikes, which continue to reflect upward global market movements,” said Goking, adding this is why he reiterated and made an appeal to his colleagues at PCL national board to recommend to Congress to revisit the 1998 Downstream Oil Industry Deregulation Act.
“We can call on Congress to review the law, particularly provisions on unbundling the price,” said Goking, adding that the inclusion of the minimum inventory requirements in the law and as well as giving the government intervention powers to intervene when there is a spike and/or prolonged increase of prices of oil products.
Republic Act No. 8479, also known as the Downstream Oil Industry Deregulation Act of 1998, removed government control on the pricing, exportation, and importation of petroleum products, allowing market forces to dictate oil prices, he said.
Goking said that’s why mostly the progressive groups have been urging the government to junk the law, saying it has allowed oil price increases to go unchecked.
Meanwhile, after the meeting with DOE director for Mindanao Nilo J. Geroche and lawyer Edgardo Uy, Goking said the country has enough fuel supply to last for over 40 days as per the inventory of local oil companies.
“When it comes to the ongoing fuel crisis, the problem isn’t with the country’s supply of fuel, but with its price,” Goking said.
The DOE’s presentation, asked the lawmakers to revisit the 1998 Downstream Oil Industry Deregulation Act, saying it’s the root cause of the fuel price problem, said Goking.
Goking said that since the start of 2022, gasoline prices have gone up by P9.65 per liter, diesel by P11.65 per liter, kerosene by P10.30 per liter, and liquid petroleum gas (LPG) by P9.40 per kilo.
Earlier, Goking even cautioned the public against hoarding of basic and prime commodities after the Department of Trade and Industry (DTI) disclosed the latest suggested retail price (SRP).
He said that with one of his advocacies, “Bantay Presyo” hope to apprehend erring retailers, unscrupulous traders and hoarders, and file appropriate charges against them for violating the Price Act or R.A. 7581.
“The Price Act protects consumers by stabilizing the prices of basic necessities and prime commodities, but how about the fuel if the oil deregulation law still there?,” asked Goking.
Goking said the recommendation to revisit and repeal the law is necessary as it would help the consumers (if repealed) as measures against undue price increases during emergency situations, natural occurrences or man-made disasters. (Ben Balce)
