Duterte wants Congress to review oil deregulation law amid price hikes

President Rodrigo Duterte has asked Congress to review the oil deregulation law to allow government intervention during oil price spikes, a call echoed by Senate President Vicente Sotto III who expressed willingness to hold a special session for the review.

The review will focus on provisions concerning the unbundling of oil prices, minimum inventory requirements, and the government's intervention powers.

This move follows discussions on the political and economic impacts of the Russia-Ukraine conflict, with the Energy department warning of further price increases.

Under the Downstream Oil Industry Deregulation Act of 1998, government control over oil pricing, importation, and exportation was removed, allowing market forces to dictate prices.

As of February 28, with Dubai crude at $96.89 per barrel, diesel and gasoline prices were P54.20 and P69.28 per liter, respectively.

However, prolonged conflict could push global crude to $120 per barrel, potentially raising local pump prices to about P68.70 for diesel and P78.33 for gasoline.