MANILA, Philippines--Amid the oil companies? intransigence in keeping prices of petroleum products at reasonable levels, Speaker Prospero Nograles on Tuesday said he would ask members of the House of Representatives to fast track deliberation on measures that would review the oil deregulation law.

At the same time, Nograles warned oil firms not to resort to ?blackmail? by creating a scenario of supply shortage as an implication of Executive Order 839, which directs them to bring down oil prices at their October 15 level.

In a text message, Nograles said he would ask Pampanga Representative Juan Miguel ?Mikey? Arroyo, chairman of the committee on energy in the chamber, to submit their recommendations on several pending bills calling for either review or repeal of the oil deregulation law.

When session resumes on November 9, Nograles said he would check the schedule on how to speed up deliberation of the bills.

The executive order was issued by President Gloria Macapagal-Arroyo last week ordering the freezing of oil prices at their October 15 level while the state of calamity declared in the entire Luzon is in effect. The President issued the order in the wake of the recent storms that flooded parts of Metro Manila, central and northern Luzon.

Officials of oil firms had said they would comply with the order, but warned of supply shortage when companies begin to cancel importation of the product because it would just result to revenue loss for them.

But Nograles said that having supply shortage will create a crisis that would justify government intervention.

?This kind of threat or mild blackmail won?t fly,? he said. ?In the national interest, the government will take over. I strongly advise them not to test this route.?

In a separate statement, deputy minority leader and Bayan Muna Representative Satur Ocampo said the executive order was not enough to permanently bring prices down.

If the President was serious in getting the oil companies to obey, ?she should immediately declare that she will prioritize legislative measures to repeal the oil deregulation law,? the congressman said.

?Deregulation has proven to be a massive mistake and a punishment on the Filipino people. Giving the oil companies? free reign over the entire industry has made them even more abusive. All their reasons for increasing oil prices have been mostly excuses for super-profiteering at the expense of consumers and the public. This latest threat that there will be an oil shortage is another excuse to hide their plans to stockpile and withhold supplies,? Ocampo said.

"As it is, the administration appears and sounds pathetic and has adopted a wheedling tone in its dealings with the oil companies. Malacanang can't even assert its authority over them for the sake of the public good," he added.