MANILA, Philippines — The Palace called on the Congress on Wednesday to study the Oil Deregulation Law amid the soaring fuel prices.
The call is part of the Palace’s medium-term response to the tensions between Ukraine and Russia, a key crude producer.
“For the medium-term, we call on Congress to review the Oil Deregulation Law, particularly provisions on unbundling the price, and the inclusion of the minimum inventory requirements in the law, as well as giving the government intervention powers/authority to intervene when there is a spike and/or prolonged increase of prices of oil products,” said Cabinet Secretary Karlo Nograles in a video message.
The acting presidential spokesperson added that the DOE will continue monitoring the supply and quality of oil and will ensure that there will be no short selling of the product.
The government likewise aims to establish a petroleum reserve infrastructure.
“Also, part of our medium-term measures are building of the strategic petroleum reserve infrastructure, ensuring Minimum Inventory Requirements (MIR) and advocating for energy conservation and efficiency,” shared Nograles.
President Rodrigo Duterte, meanwhile, approved the acceleration of renewable energy adoption as proposed by the Department of Trade and Industry.
“The President further approved the recommendations of the Department of Trade and Industry (DTI) to accelerate renewable energy adoption, support investments in Utility Scale Battery Storage to maximize utilization of renewable energy sources, support investments in modern storage facilities for oil and grains to increase within-the-border holding capacity and empower the private sector to help in strategic stockpiling,” Nograles said.
Amid the Russian invasion on Ukraine, oil prices reached $100 per barrel.
READ: World stocks plunge, oil tops $100 as Russia invades Ukraine