Sen. Erwin Tulfo is urging lawmakers to fast-track reforms to the country’s decades-old oil deregulation policy, saying the current system leaves consumers vulnerable to high fuel prices and limits government intervention.
Tulfo said the existing legal framework prevents authorities from directly regulating pump prices, forcing the government to rely largely on appeals to oil companies during periods of global price surges.
“Filipinos are at a disadvantage because of this existing Oil Deregulation Law,” he said, noting that the government has little power to influence pricing even when international oil costs spike.
Tulfo is backing Senate Bill No. 641, or the “Institutionalizing Transparency in the Philippine Downstream Oil Industry,” authored by Sen. Sherwin Gatchalian. The measure seeks to increase transparency in the downstream oil sector and includes a review of Republic Act No. 8479, or the Downstream Oil Industry Deregulation Act of 1998.
The bill would require oil companies to disclose detailed cost structures, including acquisition costs, operational expenses, and profit margins per liter, giving regulators and the public clearer insight into how fuel prices are set.
“We want to see the unbundled prices of oil companies—how much they spend, what they add, and how much they earn,” Tulfo said.
He added that fuel prices at gasoline stations have recently appeared “overpriced,” reinforcing his call for legislative action to ensure fair pricing and accountability.
Tulfo has long advocated revisiting the deregulation law, having previously filed a bill in the House of Representatives seeking its repeal, a position often echoed by transport groups affected by rising fuel costs.
Now in the Senate, he continues to question the long-term impact of the 1998 policy, arguing that it may no longer serve the best interests of Filipino consumers amid current economic conditions.
Lawmakers are expected to deliberate on the proposed reforms as fuel prices remain a key concern for households and industries.