Pressure builds to amend Philippine oil deregulation law

The Philippine government’s presidential branch said it will rally its allies in Congress to amend the Oil Deregulation Law amid government claims that oil companies are overpricing their products. As such, the Department of Energy said it will investigate the National Economic and Development Authority’s (NEDA) finding that gasoline is being overpriced by as much as Php8 (US$0.17) a liter. The Oil Deregulation Law of 1998 removed the government’s regulatory power over the pricing of downstream oil products, giving oil firms a free hand in setting local pump prices. (April 23/27, 2009)