The Bagong Alyansang Makabayan-Negros, in a press statement, yesterday, called for an immediate repeal of the Oil Deregulation Law to protect the people and the economy from unwarranted increases in domestic prices of petroleum products, as well as the passage of bills for its repeal.

Global oil price hikes in recent years, including the reported $100 per barrel oil, are mainly caused by speculation and not by the fundamentals of supply and demand, it said.

The national economy is heavily dependent on imported oil, and the consumers are forced to bear the brunt of exorbitant petroleum prices because of the government's deregulation policy that strengthened the oil cartel, it said.

The Oil Deregulation Law has provided the oil cartels more space to manipulate the oil prices, the statement added.

Bayan said Negrense solons should support house bills that aim to protect the Filipino people from the oil price hikes in the world market.

In Congress, there are three bills pending filed by progressive partylist representatives to repeal oil deregulation law and other measures on oil price hikes, it also said.

The Arroyo government cannot circumvent core issues such as the deregulation of the oil industry and the operation of the oil cartel, it said.*

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