MANILA, Philippines, March 3 ------ 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. The government is helpless in addressing this as RA 8479 removed its control on pricing to allow oil companies to become more competitive by letting market forces determine pump prices of petroleum products.
Acting presidential spokesperson and Cabinet Secretary Karlo Nograles on Wednesday said the appeal to take a second look at the oil deregulation law was one of several medium-term measures aimed at mitigating the impact of the Russia-Ukraine conflict on the Philippines.
The other courses of action approved by the President Rodrigo Duterte after meeting with top officials of his Cabinet, the military, and the police on Tuesday night seek to cushion the ill effects of the geopolitical conflict on sectors dependent on fuel consumption. “On the supply of oil, the President approved the recommendations of the Department of Energy to implement the P2.5-billion Pantawid Pasada and the P500-million fuel discount program for farmers and fisherfolk,” Nograles said.
He added that Duterte also approved the recommendation of the Department of Trade and Industry to accelerate renewable energy adoption, support investments in “Utility Scale Battery Storage” to maximize the use of renewables, support investments in modern storage facilities for oil and grains, and empower the private sector to help in stockpiling. “Also, part of our medium-term measures are the building of the strategic petroleum reserve infrastructure and advocating for energy conservation and efficiency,” Nograles said.
The Chief Executive also gave the green light to the recommendation of the Department of Agriculture (DA) to boost local food production through the Plant, Plant, Plant program, increase rice buffer stock to not lower than 30 days, and give palay farmers much-needed financial aid, fertilizer subsidy and market access to fertilizer-producing countries.
Source: inquirer.net
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