The Department of Energy (DOE) is finalizing its review of the oil deregulation law, according to DOE-Oil Industry Management Bureau Director Rino Abad. In a statement, Abad said they will submit proposed amendments to lawmakers as soon as possible.
Renewed Calls for Review
The call for a review of the oil deregulation law was revived following the crisis in the Middle East, which caused global oil supply shocks. Under the current law, oil companies are allowed to set price increases based on market factors without government approval.
Waiting for Saudi Aramco Pricing
Abad noted that they are waiting for May 1, when the world's largest oil producer, Saudi Aramco, will release its contract pricing. This will help track international oil prices and inform the proposed changes.
The DOE aims to ensure a more stable and fair oil pricing mechanism for consumers while maintaining market competitiveness.
