Senator Erwin Tulfo has renewed calls to fast-track amendments to the Oil Deregulation Law, seeking to compel oil firms to disclose the actual costs of imported fuel amid continued volatility in global oil markets.

In his privilege speech, Tulfo urged the Senate to advance Senate Bill No. 641, which he co-authored with Sherwin Gatchalian. The measure would empower the Department of Energy (DOE) to require oil companies to open their cost structures to regulators.

“This measure, Mr. President, does not seek to dismantle deregulation per se, nor to interfere with legitimate business operations,” Tulfo said.

“It aims to bolster accountability through enhanced transparency on the pricing scheme of petroleum products in the country,” he added.

The proposal comes as consumers and industry watchers question the alignment of domestic pump prices with global oil movements, particularly during geopolitical disruptions such as ongoing tensions in the Middle East.

“We witness consecutive price hikes in gasoline stations but Filipinos are left in the dark as to how these stations came up with the pricing,” Tulfo said.

“When global prices drop, why are local rollbacks so minimal? Are these price adjustments truly reflective of global market trends? Or this is an artificial jacked-up prices to gain more income?” he added.

Tulfo, who chairs the Senate Foreign Relations Committee, described the bill as a “concrete step” to address what he characterized as opaque pricing behavior in the downstream oil sector.

He said the measure includes safeguards to protect commercially sensitive disclosures, noting that “confidential and proprietary information will be protected.”

“This is a step toward restoring balance—between free enterprise and public accountability, between profit and protection, and between deregulation and responsible governance,” Tulfo said.

The proposed amendments target long-standing transparency gaps under RA 8479, a framework that liberalized the downstream oil industry but has faced recurring scrutiny during periods of sharp price swings.

How would mandated cost disclosure reshape pricing dynamics and competition in the downstream oil sector? Join the discussion.

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