Philippine senators propose new fuel pricing and security laws

Philippine lawmakers are proposing new measures to increase oversight of the oil industry and protect consumers from sudden fuel price fluctuations.

Senator Erwin Tulfo, chairman of the Senate Committee on Energy, is advocating for reforms to the country’s existing oil deregulation law. He argues that oil companies should be required to provide transparency regarding their pricing mechanisms to prevent arbitrary price shocks. Tulfo seeks to strengthen the powers of the Department of Energy (DOE) to monitor companies and demand explanations for steep price increases, noting that the transport sector and ordinary families are most affected by these costs.

In a separate legislative move, Senator Loren Legarda has filed Senate Bill No. 2435, known as the Philippine Fuel Security and Strategic Petroleum Reserve Act. The bill aims to establish a permanent fuel-security framework that allows the government to monitor fuel inventories, acquisition costs, and industry margins during normal conditions. The proposal seeks to grant the government temporary powers during declared fuel emergencies to ensure that price adjustments are reasonable and to prevent companies from profiting excessively during crises.