The Senate energy committee, now chaired by Senator Erwin Tulfo, tackled several bills on Wednesday aimed at amending the Oil Deregulation Law, as reported by Philstar Biz. The proposed amendments seek to give the government greater authority over fuel pricing, reversing key provisions of the current deregulated system.
During the hearing, senators discussed mechanisms to re-regulate the oil industry, including the possible re-establishment of an oil price stabilization fund and mandatory inventory requirements. The measures would empower the Department of Energy to intervene in price setting during periods of abnormal price spikes.
The move comes amid sustained public pressure over high fuel costs. The committee is expected to consolidate the various bills before submitting a report for plenary debate. No timeline has been set for the passage of the amended law.