MANILA, Philippines — Senate President Vicente “Tito” Sotto III has filed a bill to repeal the oil deregulation law, which will allow government to have the power to determine prices of petroleum products. Sotto introduced on Tuesday Senate Bill No. 1984, seeking to repeal the 28-year old Republic Act No. 8479 or the Downstream Oil Industry Deregulation Act, which allowed oil companies to set the price of oil products based on market forces. In turn, the government lost its control on the pricing of petroleum products. “It is high time to give back to the state the authority to manage […]... Keep on reading: Sotto seeks repeal of oil deregulation law