Marcos: Repeal of Oil Deregulation Law Not Off Table | INQToday

Why It Matters

Reconsidering oil deregulation could shift pricing power from private firms back to the state, affecting fuel prices, investor returns, and market structure across the downstream petroleum sector. Any legislative reversal or tax changes would have immediate macroeconomic and political implications amid rising global energy tensions.

Summary

President Ferdinand 'Bongbong' Marcos Jr. said repealing the 1998 oil deregulation law and removing VAT on fuel imports remain on the table as lawmakers propose restoring government oversight of petroleum pricing. Senate President Tito Sotto filed a bill to repeal Republic Act 8479, arguing the measure has stripped the state of pricing authority and contributed to opaque, nonuniform fuel costs. Marcos emphasized that while no options are off the table, his administration is prioritizing immediate relief measures in response to fuel-price shocks linked to the Middle East conflict. Critics in the House’s Makabayan bloc also condemned the deregulation law for failing to foster competition and enabling coordinated price hikes that hurt consumers.

Original Description

President Bongbong Marcos says “nothing is being discounted” in relation to proposals to repeal the oil deregulation law and remove value-added tax on fuel imports, but the government’s focus right now are immediate solutions to the impacts of rising fuel prices caused by the Middle East conflict.

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