Kiko Pangilinan dismayed over P2 oil hike, proposes solutions

August 12, 2009

Press Release
August 11, 2009

Independent senator Francis “Kiko” Pangilinan expresses his dismay over the latest round of oil price hikes, and urges the administration to crack down on the way the Big 3 do business.

“Government should buy back Petron in order to break the back of the big three cartel, bring pump prices down to its real levels without sacrificing profitablity, and force the other two big players to bring down their prices in order to compete. Moreover, in order to ensure transparency, DoE should require big players to maintain a 30-day inventory of oil so that there is full disclosure of its purchase price and complete awareness as to whether or not the raising or lowering of pump prices are justified. The DOE is empowered to do this.”

Pangilinan adds that the deregulation law must be amended. “We should return to the ERC, by way of amending the oil deregulation law, the power to approve increases in oil prices month to month depending on the available inventory.”

“We need to find a resolution to fluctuating prices of oil. Hindi maaaring taas na lang sila nang taas ng presyo nang walang pakundangan habang nahihirapan ang ating mga kababayan.”

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