Could oil companies raise prices on their sales from old inventories?

Savings from oil and coal importation

Oil Deregulation Law. RA 8479

Sec. Garin of DOE said yes.   A popular curious senator was saying probably  not.  The oil deregulation law does not say anything about the issue.     The law simply deregulated the industry and this post wonders if there was an IRR.   How could legislators at the time of FVR had not be diligent about this.  Favoring businessmen while at the same time protecting the citizens.

                                                The no to PUV phase out made us vulnerable