Erwin Tulfo pushes for amendments to Oil Deregulation law to include oil pricing transparency
Senator Erwin Tulfo is pushing for amendments to the Oil Deregulation Law to increase pricing transparency and oversight by the Department of Energy. He argues that current laws allow oil companies to impose arbitrary price hikes that burden Filipino consumers.
Why it matters
This initiative addresses the cost of living crisis in the Philippines by attempting to curb perceived price manipulation in the energy sector.
Senator Erwin Tulfo said on Sunday, August 30 that he is resolute in amending the outdated Oil Deregulation Law to mandate pricing transparency among Philippine oil companies.
The Senate Committee on Energy chairman said transparency in oil pricing has been a longstanding concern, especially from the transport sector, as crude prices have indiscriminately increased through time, while price rollbacks remain minimal.
“The oil companies will just say ‘tomorrow, we will increase the prices by 5 pesos per liter,’ then we will have no choice but to pay,” Tulfo said.
“What we will do is we will strengthen the powers of the Department of Energy (DOE) over these companies. No more arbitrary price shocks—they will have to explain why they increase their prices in a certain way,” he stressed.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in