Senator Erwin Tulfo is urging the Senate to fast-track Senate Bill No. 641, which seeks to amend the Oil Deregulation Law (RA 8479) to require greater transparency in fuel pricing.
Co-authored with Senator Sherwin Gatchalian, the measure would empower the Department of Energy (DOE) to compel oil firms to disclose the actual costs of imported fuel.
In a privilege speech, Tulfo stressed the bill does not aim to scrap deregulation but to strengthen accountability in the pricing of petroleum products.
He raised concerns over rising fuel prices, noting public frustration over frequent hikes at gas stations amid global market shifts, including tensions in the Middle East.
“When global prices drop, why are local rollbacks so minimal? Are these adjustments really reflective of market trends?” Tulfo asked, adding that consumers are often left in the dark on how prices are computed.
As Senate Foreign Relations Committee chair, he said the bill is a “concrete step” to prevent arbitrary pricing, while assuring that confidential and proprietary business data will remain protected.
Tulfo said the proposal seeks to restore balance between free enterprise and public accountability, and ensure fair and transparent fuel pricing for consumers.IMT
