R The 1998 Downstream Oil Industry Deregulation Act He Said Congress Should Also Tackle Other Measures That Will Address Recent Price Increases News Today : Breaking News, Live Updates & Top Stories | Vimarsana

MANILA - A party-list lawmaker on Thursday said suspending fuel taxes is the best way to provide instant relief to Filipinos amid a continued spike in fuel prices. Anakalusugan Rep. Mike Defensor made the statement after Malacanang has called on Congress to review Republic Act No. 8479, or the 1998 Downstream Oil Industry Deregulation Act. He said Congress should also tackle other measures that will address the recent oil price increases, including the suspension of the excise on fuel if ever it holds a special session to review the oil deregulation law. "I am for revisiting the law that deregulated the oil industry, but in terms of providing our people immediate and direct relief from soaring fuel prices, suspending taxes on oil products is considerably a better option," he said. He said among Malacanang's proposals in the review of the 1998 law is the building of oil reserves that would be used whenever the cost of crude in the world market rises. "I am for that. B ....

Mike Defensor , Rodrigo Roa Duterte , Oil Deregulation Law , Oil Industry Deregulation , Republic Act , Tax Reform Acceleration , Minimum Inventory Requirements , Utility Scale Battery Storage , President Rodrigo Roa , Manilaa Party List Lawmaker On Thursday Said Suspending Fuel Taxes Is The Best Way To Provide Instant Relief Filipinos Amida Continued Spike In Prices Anakalusugan Rep Mike Defensor Made Statement After Malacanang Has Called Congress Review Republic Act No 8479 , R The 1998 Downstream Oil Industry Deregulation Act He Said Congress Should Also Tackle Other Measures That Will Address Recent Price Increases , Ncluding The Suspension Of Excise On Fuel If Ever It Holdsa Special Session To Review Oil Deregulation Law Quoti Am For Revisiting That Deregulated Industry , Ut In Terms Of Providing Our People Immediate And Direct Relief From Soaring Fuel Prices , Uspending Taxes On Oil Products Is Considerablya Better Option , Uot He Said Among Malacanang 39s Proposals In The Review Of 1998 Law Is Building Oil Reserves That Would Be Used Whenever Cost Crude World Market Rises Quoti Am For But How Many Years Take Meantime , Ur People Are Clamoring For Instant Relief , Uot He Said Defensor While Would Push For The Suspension Of Fuel Taxes Three Years , E Would Also Support The Restoration Of Oil Tax Suspension Mechanism Under Section 43 Reform Acceleration And Inclusion Law Provided For Shelving Higher Levies Whenever Price Crude In World Market Hit Usd80 Per Barrel He , Ointed Out That The Provision Applied Only To Years 1998 , Hen The Law Took Effect , 999 And 2000 Quot We Can Revive That So The Tax Increase Under Train Could Immediately Be Shelved Because Cost Of Crude Has Soared To Usd113 Per Barrel Due Russia 39s Invasion Ukraine , Uot Defensor Said He Noted That The Present Price Of Crude Is Usd33 Above Threshold Set Under Section 43 Quot Dof Department Finance Had Accepted Automatic Suspension Mechanism In 1998 We Cannot Understand Why It Opposing Now , Uot He Said Quot The Impact Of Usd33 Increase On Domestic Fuel Prices Is Significant Palace Also Called Congress To Review Oil Deregulation Law , Articularly Provisions On Unbundling The Price , Nd The Inclusion Of Minimum Inventory Requirements In Law , S Well As Giving The Government Intervention Powers Authority To Intervene When There Isa Spike And Or Prolonged Increase Of Prices Oil Products Part 39s Medium Term Measures Is Also Eyeing Building Strategic Petroleum Reserve Infrastructure ,