The House of Representatives is considering taking another look into the oil deregulation law with an eye on scrapping it or abolishing provisions that work against consumers, according to Speaker Prospero Nograles.

?Recent events have betrayed weaknesses in some provisions of the law, which oil companies use to further their business interests to the detriment of the consuming public,? Nograles said, taking his cue from Malaca?ang which sought a review of the law on Saturday after oil companies set off a series of price increases while failing to fill a shortage of cooking gas.

?Revisiting the oil deregulation law is not farfetched,? Nograles said as he deplored the consistent price increases, which make economic recovery even more difficult.

Malaca?ang said Sunday that it was seriously considering proposing a review of the oil deregulation law in light of the price swings and the shortage of liquefied petroleum gas.

The law bars the government from interfering with the pricing, export and importation of oil products.

Congress has the power to review, amend or repeal any law, including the Oil Deregulation Law, when required by national interest, he said.

Nograles noted that despite the Oil Deregulation Law, there is little difference in the pricing of the products among oil firms in the country, except for a few small players.

As of Feb. 12, oil prices based on Dubai crude?s average price remained stable at $44 per barrel, according to a report from the Energy Department.

But during the weekend, Pilipinas Shell Petroleum Corp., Chevron Philippines Inc., Petron Corp., and Total (Philippines) Corp., raised diesel prices by P0.25 per liter, unleaded gasoline by P0.50 per liter and 10-percent ethanol-blended gasoline by P0.75 per liter. Roy Pelovello