MANILA — A senator is calling for the establishment of a strategic petroleum reserve and the reinstatement of stricter disclosure requirements for oil firms to help the government better manage fluctuations in fuel prices.

Sen. Sherwin Gatchalian said a government-held fuel inventory could be used to stabilize supply during disruptions, particularly to cushion impacts on transport and logistics.

“Pwedeng pumasok ang gobyerno sa tinatawag nating strategic petroleum reserve o inventory… para mag-bridge ng gap (The government can enter into strategic petroleum reserve or inventory to bridge supply gaps),” he said during the Kapihan sa Manila Bay forum.

Gatchalian also said improving oversight of oil pricing would require companies to disclose key cost components such as import prices, freight costs, and profit margins to regulators. He said this would allow the government to verify whether pump price adjustments are justified.

“Government is blind… hindi natin alam kung magkano ang kinikita ng mga oil companies at paano nila dine-determina ang presyo (Government is kept in the dark… we don’t know how much oil companies earn or how they determine prices),” he said.

He added that the proposal aims to maintain a deregulated oil market while equipping authorities with sufficient data to act against possible abuse during periods of volatility.

“Dapat may balanse… hindi pwedeng pabayaan lang ang sitwasyon (There should be balance… the situation cannot just be left alone),” he said.

Meanwhile, Senate President Vicente Sotto III earlier renewed his call to repeal Republic Act 8479, or the Oil Deregulation Law, and to establish a government-managed fuel reserve to address persistent price swings.

Sotto cited the proposed Philippine Strategic Petroleum Reserve Act as part of broader efforts to strengthen energy security and reduce dependence on imported fuel.

He said the measures are intended to shield consumers from global oil price volatility and improve the country’s resilience against external shocks.