what is oil deregulation?
this is the commom problem of the philippines today.
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.
Oil Deregulation is the lifting of certain government controls (such as price control) on several aspects of a specific industry, specifically the oil industry.
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