Malacañang on Tuesday said it is already time for Congress to look at the oil deregulation law, following the steep increase in the prices of fuel with the global supplies hit by the ongoing conflict between Russia and Ukraine.
A gasoline station attendant prepares to fill up the tank of a vehicle in Intramuros, Manila on Monday, March 14, 2022, a day before the prices of fuel products increased again on Tuesday, March 15. Malacañang says Congress should look into the oil deregulation law. DANNY PATA
In an ANC interview, Acting Cabinet Secretary Melvin Matibag said the Department of Energy and the Department of Finance areon Tuesday night the call to suspend the fuel excise tax following the fuel price hikes implemented weekly. “The President also mentioned that they might call for an emergency session for the Congress. There should be some legislation to address this looming problem,” he added., marking the 11th straight week of increases with domestic pump prices already hitting P84.55 per liter in select areas across the country. Prices per liter of gasoline went up by P7.10, diesel by P13.15, and kerosene by P10.50 effective March 15.
“Siguro [maybe] what should we do with this problem is to amount with a solution. Not only a short-term solution but a long-term one. Maybe time for Congress to take a look at the oil deregulation law if it still serves the public interest,” he added.
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