what is oil deregulation?

  1. profile image47
    mikoy123posted 7 years ago

    what is oil deregulation?

    this is the commom problem of the philippines today.

    replyreport
  2. internett1t3 profile image55
    internett1t3posted 7 years ago

    Embodied in the Republic Act No. 8479, otherwise known as the "Downstream Oil Industry Deregulation Act of 1998," is the policy of the state that deregulates the oil industry to "foster a truly competitive market which can better achieve the social policy objectives of fair prices and adequate, continuous supply of environmentally-clean and high quality petroleum products" (Congress 1998).

    With deregulation, government allows market competition. That means government does not interfere with the pricing, exportation, and importation of oil products, even the establishment of retail outlets, storage depots, ocean-receiving facilities, and refineries.

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  3. profile image0
    ankigarg87posted 7 years ago

    Oil Deregulation is the lifting of certain government controls (such as price control) on several aspects of a specific industry, specifically the oil industry.

    replyreport
 
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