FOLLOWING a series of oil price hikes, lawmakers are pushing for a measure that would give the government a power to control the price of fuel products.

House Bill 8898 or an “Act Establishing the Budget ng Bayan Para sa Murang Petrolyo” (BBMP) was filed by ACTS-CIS Reps. Erwin Tulfo, Jocelyn Tulfo and Edvic Yap and Benguet Rep. Eric Go Yap.

The bill aims to repeal the Oil Deregulation Law and pattern the Oil Price Stabilization fund during the 70s.

The lawmakers explained the existing Oil Deregulation Law was designed to promote competition, transparency, and affordability within the local oil market.

“However, the complexity of global oil dynamics, the vulnerability of consumers to price fluctuations, and the necessity of ensuring energy security warrant a critical review of the current regulatory framework,” the bill stated.

The bill seeks to repeal the Oil Deregulation Law to reestablish government price control of fuel pump prices and address the negative impact of frequent and abrupt fuel price changes on consumers.

In his privilege speech, Rep. Erwin assailed the existing law as useless.

“Nalinlang po ang taumbayan o naonse sa pagpasa ng batas na ito dahil paniwala tayo noon na magpapababaan ng presyo ang mga kumpanya ng langis kapag hindi na raw hawak o kontrolado ng gobyerno ang pagpapresyo sa produkto ng petrolyo,” Tulfo said.

“By restoring government oversight, the bill seeks to protect ordinary Filipinos’ interests through addressing concerns on transparency and anti-competitiveness practices by fostering a fair market environment through government control. The proposed repeal emphasizes robust consumer protection measures and regulatory oversight to intervene in case of unjustified price hikes,” the bill stated.

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Jester P. Manalastas