From the Website of PNA
links:https://www.pna.gov.ph/articles/1273205
Lawmaker files bill restoring fuel price regulation
House Bill (HB) No. 8839, or the proposed “Fuel Price Stabilization and Energy Security Act,” seeks to establish a Fuel Regulatory Board, create a new Oil Price Stabilization Fund, and build a strategic fuel reserve as part of a broader effort to give the state a working set of tools during fuel emergencies.
“House Bill 8839 effectively discards provisions of the Oil Deregulation Law of 1998 and returns to the government the power to intervene when fuel prices and supplies are abnormal,” Chua said in a news release Friday.
At the center of the measure is a policy shift that once again gives the government enough authority to temper sudden spikes in gasoline and diesel prices before these spill over into fares, food costs, and household expenses.
The bill proposes a five-member Fuel Regulatory Board composed of a chairperson, two experts in energy economics, petroleum engineering, or energy policy, one consumer sector representative, and a transport sector representative.
Under the proposal, the board will be empowered to regulate fuel prices, impose temporary price bands or price ceilings, and investigate and curb anti-competitive practices in the industry.
A second pillar of the measure is the Oil Price Stabilization Fund, which is designed to soften the immediate impact of global oil shocks on domestic pump prices without reviving the defects of the old Oil Price Stabilization Fund.
“If world oil prices suddenly surge and gasoline or diesel prices are projected to rise by PHP5 per liter, the government can use the Oil Price Stabilization Fund to soften the blow, so motorists may only feel a smaller increase or no increase at all. The intervention is temporary and ends once prices normalize,” Chua said.
He said the practical effect of that intervention would be felt not only by motorists, but across the wider economy where fuel prices quickly affect fares, goods and livelihoods.
The bill also proposes the creation of a strategic fuel reserve that government may build up when global oil prices are relatively low, so that stockpiled fuel can later be released when prices surge or supply is disrupted.
Under the proposal, the authority to release reserves will rest with the President upon the recommendation of the Fuel Regulatory Board, while the Commission on Audit will be empowered to audit transactions involving the stabilization fund and the petroleum reserve.
“The broader point of the bill is that the country should not remain hostage to external markets without a working emergency cushion and a government capable of acting decisively when volatility hits,” Chua said.He added House Bill 8839 marks a clear break from the decades-old Oil Deregulation Law by moving away from full deregulation and toward a policy built around consumer protection, economic stability and energy security. (PNA)
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