Lawmaker pushes bills lowering oil prices

HOUSE Deputy Minority Leader France Castro on Monday called on Malacañang and the leadership of the House of Representatives to prioritize the bills included in the so-called Lower Oil Prices Bill Package.

The package included House Bill 400 or the Lower Oil Price Bill; HB 3003, which seeks to renationalize Petron; HB 3004 (proposed unbundling of oil prices law); HB 3005 (proposed centralized petroleum procurement law); and HB 3006 (proposed downstream oil industry regulation law).

The ACT Teachers Partylist representative said the measures, «when made into law, can lower oil prices, cause a domino effect in lowering basic products and services, and at least alleviate the suffering of consumers.»

«As we face the fourth consecutive week of increases in pump prices, it's clear that urgent action is needed,» Castro said.

«Malacañang and the House leadership must prioritize these measures,» she said.

The bills were filed in 2022 by the Makabayan bloc, composed of Castro, House Assistant Minority Leader and Gabriela Women's Party Rep. Arlene Brosas, and Kabataan Partylist Rep. Raoul Manuel. HB 400 was filed on June 30, 2022, while the rest were filed on Aug. 2, 2022.

Under HB 400, the excise tax on petroleum products imposed under the [Tax Reform for Acceleration and Inclusion] Law will be scrapped.

HB 3005, meanwhile, «requires the institution of a centralized procurement system of all imported crude oil and refined petroleum products, which includes the creation of buffer supplies to cushion consumers against drastic increases in petroleum prices.»

HB 3006 «requires the regulation of the petroleum industry through the creation of a petroleum regulatory council and a buffer fund which shall instead solely serve to cushion the impact on consumers against drastic increases in petroleum prices.»