(Photo courtesy of Senate)
MANILA – The Department of Energy (DOE) has expressed support for proposed amendments to the Oil Deregulation Law aimed at strengthening the Philippines’ fuel security and protecting consumers from fluctuating global petroleum prices.
During a Senate Committee on Energy hearing chaired by Senator Erwin Tulfo, DOE officials joined lawmakers in discussing legislative measures to address potential fuel supply disruptions and improve the government’s response to energy emergencies.
Among the proposals discussed were the establishment of a national petroleum reserve, greater transparency in fuel pricing, and stronger government intervention mechanisms during declared fuel emergencies.
Lawmakers also reviewed Senate Bill No. 2435, which seeks to establish strategic and operational petroleum reserves to ensure the availability of fuel during supply shortages and other emergencies.
The proposed legislation also includes provisions allowing temporary regulatory intervention during declared fuel emergencies to help stabilize supply and address disruptions in the petroleum market.
The discussions come amid concerns over global oil price volatility and potential supply interruptions that could affect domestic fuel availability and consumer prices.
The DOE emphasized the importance of strengthening the country’s capacity to respond to external energy shocks while maintaining a stable and reliable petroleum supply.
The agency reaffirmed its commitment to supporting legislative reforms that promote energy security, improve fuel market transparency, and safeguard Filipino consumers from the effects of volatile international oil prices.
