An Act To Promote Fair Trade In The Oil Industry And For Other Purposes, Amending Republic Act No. 8479, Otherwise Known As The “Downstream Oil Deregulation Act Of 1998”

• Creation of the Oil Monitoring Task Force with 1 member each from the DOE, DOJ, DTI and COA; 2 members from the consumer and public transport groups; and 1 industry financial expert
  • The Task Force’s powers and functions:
    • To conduct periodic and unannounced inspections of oil depots and facilities;
    • To conduct an annual analysis of oil industry performance to be posted in the DOE website;
    • To monitor the movement of oil price in the retail market
• Mandatory submission of financial documents of local oil companies that are pertinent in the determination of price adjustments of petroleum products;
• Posting of the prevailing retail price of petroleum products on the DOE’s official website and publishing of the same in at least two (2) national newspapers of general circulation twice a month;
• The bill declares unlawful for oil companies to engage in unwarranted oil price movements and provides for the imposition of heavier penalties against erring oil companies and officials
• This bill also requires importers, refiners, and marketers to submit every third Wednesday of the month to the DOE their 45-day inventory of actual importations, local purchases, sales and/or consumption on a per crude/product basis

Download PDF