In a call-in radio program, one listener insisted that oil deregulation law must be scrapped to solve unstable oil prices. Sulbad gyod tanan! He said in local dialect.
He is not alone. Many of our political leaders follow the same line of thought although some others are considering review of oil deregulation law. Militants are claiming oil deregulation law has not serve its purpose. Instead of making the oil industry in the Philippines more competitive, it never stop the alleged cartel of big oil players, Petron, Shell, and Caltex. The entry of independent oil companies, many observers claim, has not made significant impact.
Now the question is whether to continue to deregulate the oil industry or to regulate it?