Rep. Salceda proposes amendments to Oil Deregulation Law

Albay Rep. Joey Salceda has proposed amendments to the Oil Deregulation Law to foster competition, improve consumer protection, and bolster national economic security.

The proposed four-point amendment includes the establishment of a strategic petroleum reserve, which the government would fund during low-price periods to ensure supply during price hikes.

This reserve aims to mitigate the impact of global price surges and prevent artificial price increases due to collusion.

Additional proposals involve requiring fuel retailers to unbundle their retail prices and report changes to a central government database for effective monitoring.

Price transparency will be enhanced through this database, presented in an accessible format for consumers to make informed purchasing decisions and counter excessively high prices.