Amid persistent public frustration over fluctuating fuel prices, a proposed Senate measure is seeking to tighten transparency rules in the oil industry by requiring companies to fully disclose how pump prices are computed under the country’s deregulated market system.
There is a renewed push for Senate Bill No. 641, authored by Senator Erwin Tulfo, which aims to amend the decades-old Republic Act No. 8479 or the “Downstream Oil Industry Deregulation Act of 1998” by empowering the Department of Energy (DOE) to require oil firms to reveal the actual costs behind imported fuel and pricing adjustments.
The proposal, co-authored with Senator Sherwin Gatchalian, seeks to introduce stronger accountability mechanisms without dismantling deregulation itself. Instead, it focuses on improving transparency in pricing to help consumers understand how fuel costs are determined.
According to Tulfo, the measure is designed to address growing public concern over sudden and repeated fuel price hikes, especially during periods of global instability such as tensions in the Middle East.
He pointed out the gap between international oil price movements and local pump prices, noting that consumers are often left questioning why reductions in global markets do not translate into significant rollbacks at the pump.
Tulfo said the bill would allow the DOE to scrutinize pricing components more closely, helping determine whether adjustments genuinely reflect global trends or if other factors are influencing retail prices.
As chair of the Senate Committee on Foreign Relations, he described the measure as a step toward preventing what he called unexplained or arbitrary pricing in the oil sector.
At the same time, industry stakeholders are assured that the proposal includes safeguards to protect confidential and proprietary business information.
The bill positions transparency as a key tool to balance market freedom with consumer protection, particularly in an industry that directly affects transportation costs, food prices, and overall inflation.
Tulfo said the goal is not to restrict legitimate business activity but to ensure that deregulation works in favor of the public.
He emphasized that clearer pricing disclosure would help restore trust in the system, especially during periods of global uncertainty that heavily impact fuel markets.
The proposal is now pending further deliberations in the Senate as lawmakers continue to weigh reforms aimed at improving oversight of the country’s deregulated oil industry.