MANILA — Senator Erwin Tulfo pledged to review the Oil Deregulation Law as he takes over as chairman of the Senate Committee on Energy, saying the measure should be updated to allow the government greater control over fuel pricing and better protect consumers.

Tulfo described the Oil Deregulation Law, which was enacted in 1998, as outdated and said it should be revised to reflect the country’s current conditions.

“I will ensure as chairman of this committee, while I am here, that we will review this law so that questionable pricing practices will not happen again—where the moment global market prices rise, gas stations immediately hike their prices the very next day,” Tulfo stated during the first energy panel hearing he presided over.

“And when prices drop in the global market, it either takes months before the corresponding price cut is implemented, or the reduction is incredibly small,” he added.

Tulfo said he wants to ensure that the country’s energy sector remains dependable while also considering the welfare of consumers.

“This is our goal: An energy sector that is not only reliable but also compassionate toward Filipino consumers,” Tulfo said during the inaugural hearing of the energy panel under his leadership.

During the hearing, lawmakers tackled proposed measures seeking to amend the Oil Deregulation Law and establish a petroleum reserve.

Tulfo also raised the possibility of building oil reserves in the country following discussions with officials from the United Arab Emirates.

“When do you think this will become a reality, and when will construction actually start so that if conflict breaks out again in the Middle East, we will be completely independent of them?” Tulfo asked.

Department of Energy Secretary Sharon Garin said the government is in discussions with officials from both the United Arab Emirates and Japan on establishing a national oil reserve and a strategic oil reserve.

“In fact, this also gives us peace of mind that we can monitor prices because we will have our own oil that we can sell. But how long will it take to build? More or less, Mr. Chair, if we are only talking about one million barrels, we can always expand it later on,” Garin said.

Tulfo stressed the need for the country to have its own oil reserves to help address concerns over fuel supply and price fluctuations.

“Let us ensure that we no longer have to worry when it comes to supply and prices. Look at yourselves right now, you are like headless chickens, running around all over the place. It’s like you’re begging just about anyone. If we only had a reserve of a few million barrels, we wouldn’t be panicking. When will this actually become a reality?” Tulfo concluded.