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Manila Bulletin devider Philippines devider Mindanao devider Davao City dad seeks revival of oil price fund

Davao City dad seeks revival of oil price fund

Published Aug 14, 2026 10:10 am
DAVAO CITY – A Davao City councilor is urging Congress to enact legislation that will re-establish the Oil Price Stabilization Fund (OPSF) to help cushion the impact of fluctuations in fuel prices on Filipino consumers and key economic sectors .
In a resolution, Councilor Danilo Dayanghirang, chairperson of Committee on Finance, Ways and Means, and Appropriations, said that volatile fuel prices have placed a financial burden on families, workers, farmers, fisherfolk, public utility drivers and businesses.
"The proposed measure calls on the Senate and House of Representatives to prioritize legislation restoring the OPSF or creating a similar mechanism to protect consumers from severe fuel price volatility," Dayanghirang said.
He cited the importance of petroleum products to transportation, electricity generation, food production, manufacturing, logistics and other sectors of the Philippine economy.
Dayanghirang said recurring changes in global crude oil prices and foreign exchange rates have resulted in unpredictable increases in local fuel prices, which can also drive up the cost of basic goods and services and contribute to inflation.
The Philippines previously maintained an OPSF as a mechanism to cushion the impact of sudden increases in oil prices and promote greater price stability during periods of volatility.
Dayanghirang's resolution acknowledged that the downstream oil industry has been deregulated but said there remains a public interest in establishing lawful mechanisms to protect consumers from extraordinary and prolonged fuel price increases without undermining fair market competition.
The councilor proposed that any revived stabilization fund be modernized and made transparent, with clear guidelines, strict auditing and sound fiscal management to prevent the misuse of public funds.
According to his resolution, such a mechanism could provide temporary relief during periods of abnormal price increases while helping to preserve economic stability, protect vulnerable sectors, sustain public transportation services and support agricultural productivity.

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