The House Committee on Energy approved a substitute bill “subject to form and style” to amend the 1998 Downstream Oil Industry Deregulation Act or the Oil Deregulation Law.
House Bill (HB) 10505, authored by Pampanga 2nd district Rep. Juan Miguel ”Mikey” Arroyo to amend the Oil Deregulation will serve as the reference to the currently untitled and un-numbered bill.
“We are preparing this so in case there is a special session, eh meron tayo pag-uusapan na consolidated bill po,” said Arroyo, who chairs the Energy panel.
Nueva Ecija 3rd district Rep. Rosanna Vergara motioned to approve the bill amending the Oil Deregulation Act subject to form and style amendments, specifically those raised by Deputy Minority Leader Marikina 2nd district Rep. Stella Quimbo.
Quimbo’s amendments include: revisions to Section 5 of the draft bill to “clearly reflect that the price monitoring system of the Department of Energy (DOE) shall be based on the unbundled retail price of petroleum products” ; and granting the President power to suspend or decrease fuel excise in the event of Dubai Means of Platts (MOPS) pricing reaching $80 per barrel of crude.
The substitute bill was promptly considered and approved.
Meanwhile, Bayan Muna Rep. Zarate’s motion that the Energy panel officially request President Rodrigo Duterte for a House special session to convene over the newly-approved substitute bill, and to tackle HB 10488, which seeks to suspend fuel excise, was approved.
Previously on March 7, the Fuel Crisis Ad Hoc Committee also convened to discuss fuel excise taxation and fuel subsidy.