Senate office of the Seretary First Regular Session 26 MAR 17 P1:00 SENATE S.B. No. 1984 RECEIVED BY: INTRODUCED BY SENATOR VICENTE C. SOTTO III AN ACT REPEALING REPUBLIC ACT NO. 8479 OR THE DOWNSTREAM OIL INDUSTRY DEREGULATION ACT OF 1998 EXPLANATORY NOTE Since 1998, I did not vote for the passing of the Oil Deregulation Law and in 2022, I pushed for the review of this particular law. RA 8479 liberalized and deregulated the downstream oil industry, intended to ensure true competitive pricing among players in the local oil industry. It allowed the local oil industry players to adjust the prices of gasoline, diesel, kerosene every week. Prior to RA 8479, the Energy Regulatory Board considered the dollar cost of imported crude oil and the foreign exchange rate, and fixed prices of petroleum products. A budgetary allocation maintained by the national government called the Oil Price Stabilization Fund (OPSF) automatically absorbed any price change incurred by the oil companies in importing crude oil, which is not reflected in the selling price. I It is high time to give back to the state the authority to manage fuel prices. Now that our petroleum prices are directly impacted by the geopolitical tension in the Middle East, transparency, scrutiny and uniformity in pricing are needed more than ever. In view thereof, immediate approval of this bill is requested. ' https://pidswebs.pids.gov.ph/CDN/PUBLICATIONS/pidseid0002-feb.PDF
Sentatt effier of the retary TWENTIETH CONGRESS OF THE REPUBLIC OF THE PHILIPPINES First Regular Session 26 MAR 17 P1:00 SENATE RECEIVED BY: - S.B. No. 1984 INTRODUCED BY SENATOR VICENTE C. SOTTO III AN ACT REPEALING REPUBLIC ACT NO. 8479 OR THE DOWNSTREAM OIL INDUSTRY DEREGULATION ACT OF 1998 Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
SECTION 1. Total repeal of Republic Act No. 8479. This act shall
repeal Republic Act No. 8479 or the Downstream Oil Industry Deregulation Act Of 1998. Any law, presidential decree or issuance, executive order, letter 4 of instruction, administrative order, rule or regulation contrary to or 5 inconsistent with any provision of this Act as hereby amended or modified 6 accordingly.
SECTION 2. Separability Clause. - If any provision of this Act is
9 declared invalid or unconstitutional, other provisions hereof which are not 10 affected thereby shall continue to be in full force and effect.
SECTION 3. Effectivity Clause. - This Act shall take fifteen (15) days
following its publication in the Official Gazette or in at least two (2) newspaper of general circulation. Approved,