MANILA, Philippines -- Sen. Imee Marcos has proposed a law mandating the “unbundling” and disclosure of petroleum prices amid continued oil price hikes triggered by the war in the Middle East.
Marcos filed Senate Bill No. 2007, which seeks to amend Republic Act No. 8479, or the Downstream Oil Industry Deregulation Act of 1998.
The measure also aims to establish a “rules-based pricing reference system” under the Department of Energy.
She noted that RA 8479 was enacted to liberalize the downstream oil industry, promote competition, ensure a steady and sufficient supply of petroleum products, and encourage fair and efficient pricing.
However, Marcos said the current deregulated framework has not adequately addressed the persistent lack of transparency in petroleum pricing.
“At present, pump prices are presented as a single aggregated amount, without a clear and accessible breakdown of their underlying components, including international crude costs, refining expenses, distribution and marketing costs, taxes, and profit margins,” she said.
“By requiring a clear and standardized breakdown of price components, the bill aims to enhance transparency, empower consumers to make informed decisions, and strengthen regulatory oversight,” Marcos added.
The proposed system would provide indicative price bands anchored on objective factors such as international benchmark prices and prevailing exchange rates.
“While preserving the market-based nature of pricing under a deregulated regime, the mechanism promotes accountability and discourages unjustified price deviations,” she said.
Marcos also pointed out that the Middle East conflict has disrupted global energy markets, highlighting the vulnerability of petroleum-importing countries such as the Philippines.
As a result, global oil prices have experienced sharp volatility, at times exceeding $100 per barrel during periods of heightened tension, she said.
