The Department of Energy (DOE) said it was preparing to submit proposed changes to the country’s oil deregulation law to Congress.
Energy director Rino Abad told lawmakers during a hearing that a draft of the amendments had already been completed and was undergoing final review before submission.
He said the proposal would soon be forwarded to Congress as part of efforts to update existing policies governing the downstream oil industry.
Moves to revisit the law gained momentum following tensions in the Middle East, which highlighted the country’s exposure to fluctuations in global fuel supply and prices.
The Philippines, which relies heavily on imported fuel, has experienced sharp increases in pump prices in recent months amid the conflict.
Republic Act No. 8479 allows oil firms to set retail prices based on market conditions without requiring prior government approval.
Abad said the agency was also considering possible revisions to the Price Act, although details have yet to be outlined.
He added that authorities would continue monitoring global price movements, with adjustments expected to reflect international trends, while recent government measures allow intervention during emergencies to prevent excessive pricing.
