Amid oil price hikes, gov’t pressed to buy back Petron
WITH another round of big-time oil price hike looms, it is about time to buy back Petron.
Bayan Muna Rep. Carlos Isagani Zarate proposed this as he expressed concern over additional burden to the consumers due to the weekly increase in the cost of petroleum products.
Zarate is proposing to the administration to buy back Petron so as to help control the runaway price of oil.
Since the 15th Congress, the Bayan Muna has been filing a bill to buy back Petron along with other bills to regulate the oil industry and control petroleum prices.
Pending now is the House Bill 4711 or the Renationalize Petron bill.
As it is, Petron Corporation (Petron), which used to be state-owned and controlled, is currently the largest and the only publicly listed oil refining and marketing company in the Philippines and it would have a significant effect in mitigating oil price hikes.
The bill states that the government shall adopt a pricing policy that shall keep the prices of crude oil and petroleum products, sold in wholesale or retail to local consumers, as socially and economically viable as possible and as allowed by the fulfilment of the objectives of this Act.
Included is the Petron’s socially and economically sensitive products, such as liquefied petroleum gas (LPG), naphtha, gasoline, kerosene, automatic/industrial diesel oils, and industrial/residual fuel oils.
The measure also intends to control cartel and monopoly pricing, and thus check unreasonably high prices.
Likewise, it raises and promotes the local capacity for exploration, refining and exploitation, processing, and development of petroleum.
“As many Filipinos lose jobs due to the pandemic, and with others just about to try and recover from the recession, the Department of Energy should be at the forefront in ensuring that utility rates are at an affordable rate. Iyong sinasabi nila mas masaya ang magiging pasko this year, hindi yata magkakatotoo dahil mababaon naman sa bayarin ang mga Pilipino,”
This week, prices of oil and petroleum products will increase for the 7th straight week.
