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Manila Bulletin devider Philippines devider National devider Erwin Tulfo formally seeks junking of Oil Deregulation Law

Erwin Tulfo formally seeks junking of Oil Deregulation Law

Published Aug 29, 2023 03:07 am

At A Glance

  • True to his words, House Deputy Speaker and ACT-CIS Party-list Rep. Erwin Tulfo has filed House Bill (HB) No.8898, which seeks to repeal the much-panned Downstream Oil Industry Deregulation Act. 

IMG-f12d5a3ebe29502bbc13b0b04e4fbc4f-V.jpgACT-CIS Party-list Rep. Erwin Tulfo (Ellson Quismorio/ MANILA BULLETIN)

True to his words, House Deputy Speaker and ACT-CIS Party-list Rep. Erwin Tulfo has filed House Bill (HB) No.8898, which seeks to repeal the much-panned Downstream Oil Industry Deregulation Act.

The full title of HB No.8898 reads, "An Act establishing the Budget ng Bayan para sa Murang Petrolyo (BBMP), repealing for the purpose Republic Act (RA) No.8479, otherwise known as the 'Downstream Oil Industry Deregulation Act of 1998'".

“While the intent of the Oil Deregulation Law is sound, it is not successful in lowering fuel price and checking the unilateral move of the oil prices to dictate the price of oil," read the measure.

The Tulfo measure underscores the need to "reestablish government price control of fuel pump prices and address the negative impact of frequent and abrupt fuel price changes on consumers".

Last Aug. 14, Tulfo delivered a scathing privilege speech wherein he lambasted local oil companies for allegedly exploiting RA No.8479 when it comes to imposing their weekly price adjustments.

"Nalinlang po ang taumbayan--o na-onse ika nga sa kalye--sa pagpasa ng batas noon dahil pinaniwala tayo noon na magpapababaan ng presyo ang mga kumpanya ng langis pag hindi na raw po hawak o kontrolado ng pamahalaan ang pagprepresyo ng produkto ng petrolyo," the former Department of Social Welfare and Development (DSWD) secretary said.

(The public was deceived--or hoodwink--into believing that oil companies would race each other in reducing prices once government ni longer has a say in the pricing of petroleum products.)

A key part of Tulfo's proposal is the BBMP, which is essentially a fuel subsidy fund. He said P10 billion will be set aside for the BBMP.

The money to be sourced from the excess of the ad valorem tax and or import duties of crude oil and finished petroleum products, incremental dividends, and receipts from government corporations and savings of the national government.

“That the BBMP shall be used to reimburse the oil companies for: (a) cost increases of imported crude oil and finished petroleum products resulting from foreign exchange rate adjustments and/ or increases in world market prices of crude oil, (b) cost under recovery incurred as a result of fuel oil sales to the National Power Corporation (NPC), and (c) other cost under recoveries incurred as may be finally decided by the Supreme Court (SC)," the measure read.

The bill has been referred to the House Committee on Energy.

Related Tags

Erwin Tulfo oil Deregulation act ACT-CIS Party-list
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