The Philippines is presently having serious concerns with the effects brought by Oil Deregulation Law.1 As the fact that it permits oil companies to freely adjust their oil prices that led to the increase of other basic commodities and resulted to economic crisis as people defined.2

The underprivileged Filipinos are primarily affected of these concerns for the reason that it makes their budget tighter than before.3

Everybody blamed it to oil deregulation law, and as a result they create massive rallies against the administration and oil companies.4

This paper aims to inform Filipinos the reasons why the oil industry is deregulated and how it came to be. This will be beneficial to people in order to understand the impact of the oil industry in our economy.

The advantages, disadvantages and significance of Oil Deregulation will be mention in order to give the readers the effects undergone by the country.

Lastly this paper intends to prove whether or not the method of deregulating the oil industry will improve the economy and the lives of the Filipinos or it will lead to the breakdown of the Philippine Economy.

Government should take hold again of Petron, to be able control the competition among oil companies. If the pricing is controlled, other companies will eventually follow due to competition and of course, Petron is major oil company in the country.67

The oil companies strive to meet the “ world class standards”. 33 With the use of their profit and improvements of their facilities, they will be able to compete not only in the domestic market but also in the international market.

B. Why is there a need to deregulate the oil industry?

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