ABS-CBN
Hontiveros calls for review of oil deregulation as fuel prices spike
Senator Risa Hontiveros supports calls to review the Oil Deregulation Law due to surging world oil prices.
She believes the law should be amended to include more government regulation on oil prices within the country.
Hontiveros also reiterated her support for suspending excise taxes on fuel products when international prices exceed $80 per barrel.
Oil companies are set to increase diesel prices by P5.85 per liter and gasoline prices by P3.60 per liter starting Tuesday.
The Oil Deregulation Act of 1998 removed the government's power to regulate prices and abolished the Oil Price Stabilization Fund.
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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.
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Albay Rep. Joey Salceda has proposed amendments to the Oil Deregulation Law to foster competition, improve consumer protection, and bolster national economic security.
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Davao City Mayor Sara Duterte-Carpio expressed willingness to urge President Duterte to call a special session of Congress to address the escalating fuel prices.
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Senate President Vicente Sotto III is agreeable to holding plenary sessions to amend the Oil Deregulation Law if President Duterte calls Congress to a special session.
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Presidential candidate Senator Panfilo "Ping" Lacson urged the government to immediately suspend excise taxes on fuel products, even temporarily, amid looming price hikes.
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