Manila, April 17 -- Manila 3rd District Rep. Joel Chua has filed a bill returning to the state the power to step in when fuel prices swing sharply in the world market.

House Bill (HB) No. 8839, or the proposed "Fuel Price Stabilization and Energy Security Act," seeks to establish a Fuel Regulatory Board, create a new Oil Price Stabilization Fund, and build a strategic fuel reserve as part of a broader effort to give the state a working set of tools during fuel emergencies.

"House Bill 8839 effectively discards provisions of the Oil Deregulation Law of 1998 and returns to the government the power to intervene when fuel prices and supplies are abnormal," Chua said in a news release Friday.

At the center of the measure is a policy shift t...