MANILA - Senator Risa Hontiveros backed calls to review the Oil Deregulation Law as world oil prices surged again on Monday.

"[It is] necessary to put into motion something more strategic and longer-term in terms of a reasonable amount of government regulation on movement of oil, including [the] price of oil, within the country," said Hontiveros in an interview with ANC.

Republic Act 8479 or the “Downstream Oil Industry Deregulation Act of 1998" removed the government's power to regulate prices and scrapped the Oil Price Stabilization Fund, which was used previously to dampen price shocks.

Oil companies will hike diesel prices by P5.85 per liter on Tuesday, and gasoline prices by P3.60 per liter.

• Diesel may higit P5/L taas-presyo sa Marso 8

The senator also supported calls to suspend fuel excise taxes.

• READ: Energy dept seeks power to suspend fuel excise tax as prices soar

"Dapat may mechanism na [kapag] beyond $80 per barrel, suspend na muna yung pag kolekta o pagpataw ng excise tax on oil products."

(There should be a mechanism that automatically suspends collecting excise taxes on oil products once international prices hit $80 per barrel.)

• BSP rate hike 'a must' in Q2 as oil spikes due to Russia-Ukraine crisis: analyst
• Oil rises to $128 per barrel, stocks and euro dumped