Professor John Louie Sabal of the Xavier Ateneo Department of Economics has called on lawmakers to revisit the Oil Deregulation Law to strengthen government authority against oil companies that continue to raise prices.
According to him, while the law was intended to promote market competition and prevent monopolies, it has failed to achieve its true purpose, as investment players now largely dictate pricing.
Sabal emphasized that oil is not an ordinary commodity, noting the market distortions caused by the difficulty of sourcing it.
He urged the government to reassess its role in enforcement to curb excessive price increases and provide relief to the public.
In closing, he appealed for decisive government action to improve regulation in the oil sector and protect consumers.
