Press Release
April 24, 2006

SEN. JAMBY CALLS ANEW FOR SCRAPPING OF OIL
DEREGULATION LAW & VAT ON OIL PRODUCTS

The government is not ready to meet the oil crisis. As early as last year, we have called for the scrapping of the oil deregulation law, the placing of liquefied petroleum gas under price control, recovery of PETRON shares and the our stakes in the Malampaya Natural Gas Project. Nothing is being done on this aspect. We are too dependent on oil importation which is subject to market speculation. Should this continue, we face a serious energy crisis?

What needs to be done, I challenge Mrs. Arroyo to certify as urgent Senate Bill 2084 which I authored for the scrapping of the oil deregulation law. I also ask Mrs. Arroyo to remove the VAT on oil products. Without VAT total increase in the pump price of diesel in the first four months of the year could drop by 78 centavos per liter, premium gasoline 77 centavos, regular gasoline 72 centavos, kerosene 80 centavos and LPG 18 centavos.

Unless Mrs. Arroyo acts on this matter, this situation will continue to prejudice our people.

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