News

AUG
06
2013

SBN-1214: To Include Coa in the Task Force Created Under Sec. 14 of R.A.No. 8479

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.

 

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