Philippine palace bats for review of oil deregulation law

A series of fuel price hikes have sparked repeated calls for a review of the oil deregulation law, especially in the face of the effects of the Russia-Ukraine war on oil prices. - INQUIRER FILE PHOTO

MANILA (Philippine Daily Inquirer/Asia News Network): Malacañang has called on Congress to review Republic Act No. 8479, or the 1998 Downstream Oil Industry Deregulation Act, suggesting an amendment giving the government “intervention powers” during a prolonged spike in fuel prices.

Oil companies last Monday announced the ninth consecutive fuel price hike this year. Since January, the net total increase has reached P11.65 for a liter of diesel, P9.65 for gasoline, and P10.30 for kerosene.