LIKE other well-meaning Filipinos, we commend Malacanang for calling on the two-chamber Congress – Senate and House of Representatives – to review Republic Act (RA) 8479.

Otherwise known as the 1998 Downstream Oil Industry Deregulation Act, RA 8479 removed the government’s control on pricing to allow oil firnms to become more competitive.

The highly-controversial piece of legislation let market forces determine the pump prices of gasoline and other petroleum products.

But due to the unabated oil price increases, various quarters now want Congress to give concerned government agencies “intervention powers” during prolonged spike in oil prices.

The proposed review of the oil deregulation law is seen as one of several measures designed to mitigate the impact of the Russia-Ukraine conflict on this impoverished Asian nation.

President Duterte also okayed the implementation of the P2.5-billion Pantawid Pasada program for the transport sector and the P500-million fuel discount program for farmers and fishers.

Duterte made the announcement during a meeting with top government officials.

While many sectors concede that the government is helpless in addressing the skyrocketing prices of petroleum products because of RA 8479, the state ought to absorb part of the burden.

Thus, we agree with the view of various quarters that the government would do well to suspend the excise on gasoline and other petroleum products because of the Russia-Ukraine crisis.

And the government must also ensure that price hikes in other essential commodities must be at a level that consumers can absorb.

Dapat lang!

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