Palawan legislators have expressed support for a congressional move to review the current policy on oil deregulation in the wake of rising fuel prices.
In a resolution prompted by a privilege speech of Board Member Ryan Maminta, they urged Palawan representatives in Congress to support a review of Republic Act 8479, or the Oil Deregulation Law.
The current policy on oil deregulation has directly affected on the prices of fuel in our area because of global trends, especially due to Russia’s invasion of Ukraine.
President Rodrigo Duterte earlier called on Congress to review the law due to the weekly increase in oil prices.
Board Member Ryan Maminta, in his privilege speech Tuesday, noted that the prices of petroleum products in the province have gone up, with an increase of P3-P5 per liter, which is considered the highest increase since January 2022.
Maminta said Palawan will not be exempted from the oil price crisis as the Philippines is an oil-import dependent country.
“We experienced speedy increase [in prices] of fuel products amounting to P3 to P5. Ito na ang pinakamalaki sa taong 2022. Sa loob ng halos sampung linggo ay punong-puno ng pagtaas,” Maminta said.
“Sa ngayon ay umiiral pa rin ang Oil Deregulation Act kung saan ang framework ng pricing ay walang kontrol ang pamahalaan. May malayang karapatan ang mga oil players na magsagawa ng pricing,” he stated.
The Senate has begun its deliberation on possible revisions to the Oil Deregulation Law and is mulling a temporary suspension of excise tax under the Tax Reform for Acceleration and Inclusion Law (TRAIN) on fuel products to help consumers.
“Kapag nasuspende ang excise tax ay tinatayang nasa P6 hanggang P10 ang mababawas sa presyo ng krudo at gasolina,” Maminta said.
According to reports, Senate President Vicente Sotto III said there is little chance to review the law unless President Duterte calls for a special session after the 18th Congress adjourned its regular session on February 4, and will resume after May 9 national and local elections.