MANILA — Senate President Vicente Sotto III has filed a measure seeking the complete repeal of Republic Act No. 8479, aiming to restore the government’s authority to regulate oil prices in the country.

The proposed repeal targets the Downstream Oil Industry Deregulation Act of 1998, which removed state control over fuel pricing and allowed market competition among oil industry players.

“Since 1998, I did not vote for the passing of the Oil Deregulation Law and in 2022, I pushed for the review of this particular law.” Sotto said.

Prior to the enactment of RA 8479, petroleum prices were set by the Energy Regulatory Board, which based adjustments on global oil prices and exchange rates. The Oil Price Stabilization Fund was also used to cushion the impact of fluctuations and minimize sudden changes in pump prices.

Sotto reiterated his longstanding opposition to the deregulation policy, emphasizing the need for government intervention amid current global developments affecting oil costs.

“It is high time to give back to the state the authority to manage fuel prices. Now that our petroleum prices are directly impacted by the geopolitical tension in the Middle East, transparency, scrutiny and uniformity in pricing are needed more than ever”, Sotto concluded.