Manila: The Department of Energy's (DOE) imposition of limits on fuel price adjustments on Tuesday drew support from senators who also called for stricter enforcement and review of existing pricing policies to protect consumers. Senate President Vicente Sotto III expressed support for moves to regulate pump prices, saying intervention is necessary to address the oil crisis, but stressed the need to revisit the oil deregulation policy.
According to Philippines News Agency, Sotto emphasized the importance of studying his proposal to remove oil deregulation. He stated, "I agree with all the actions being taken to address the oil crisis. Except I still want them to study my proposal to remove oil deregulation." Sotto suggested returning to a previous system that allowed government control over pricing, arguing it would enable inquiries about the purchase price and timing of oil, which was possible before deregulation. He mentioned having a bill filed and noted a similar filing in the House.
The DOE earlier set minimum rollback levels at PHP24.94 per liter for diesel, PHP3.41 for gasoline, and PHP2 for kerosene, while allowing oil firms to implement larger price cuts. Senate President Pro Tempore Panfilo Lacson stated that such government intervention is preferable to leaving pricing solely to oil companies, noting it provides safeguards during the ongoing energy emergency. He highlighted the government's authority under a state of national energy emergency to adjust prices reasonably, benefiting more Filipinos by not leaving price-setting to oil companies.
Lacson further mentioned that existing law permits government intervention when public interest requires it. He referred to RA 8479 or the Downstream Oil Industry Deregulation Act, which allows the DOE to take temporary control or direct the operation of any entity in the industry during an emergency, under reasonable terms.
Meanwhile, Senator Joel Villanueva welcomed the price limits but stressed the need for stricter monitoring and enforcement to ensure compliance. Villanueva recognized and appreciated the DOE's efforts to impose limits on oil price increases, stating that clear and enforceable caps can prevent potential abuse and unjustified price hikes by oil companies, ensuring fairness and accountability in the industry.
The DOE warned that adjustments below the prescribed rollback levels may trigger legal action under RA 8479, with penalties including fines, imprisonment, and possible revocation of business permits.
