Pangilinan: Time to go green, renewable energy to cushion repeated oil price shock impacts

March 3, 2022

VICE-PRESIDENTIAL aspirant Francis “Kiko” Pangilinan on Thursday said the Team Robredo-Pangilinan will prioritize the energy security of the country by pushing for the Philippines to adopt a green and renewable energy program.

“Para maiwasan ang paulit-ulit na dagok ng aftershock tuwing tumataas ang presyo ng langis at krudo sa international market, uunahin natin ang implementasyon ng isang transition process upang ang Pilipinas ay magkaroon ng pangmatagalang green and renewable energy program,” Pangilinan said.

“Mas mura ang teknolohiyang Pilipino para sa green at renewable energy tulad ng solar at wind power. Marami tayong eksperto sa solar at wind technology. Ang geographic location ng Pilipinas ay may malaking potential para sa green at renewable energy, kasama na dito ang solar at wind power,” Pangilinan said.

“Mas mumura ang presyo ng kuryente kapag naka-transition tayo sa green at renewable energy. Magiging abot-kaya ng mga ordinaryong Pilipino ang presyo ng kuryente. Pag mababa ang presyo ng kuryente, kaakibat nito ang pagbaba ng presyo ng produksyon, at kasabay nito ang pagbaba ng presyo ng bilihin,” he said.

Pangilinan said the Robredo-Pangilinan administration will work for a faster and pro-people transition from fossil fuel dependency to green and renewable energy for all Filipinos.

“Hindi natin maiiwasan ang paulit-ulit na pagtaas ng presyo ng mga bilihin dahil na rin sa pagsipa ng presyo ng langis at krudo sa merkado. Halos kalahati ng energy supply ng ating bansa ay depende sa imported na langis at coal. Marginal rin ang ating power reserves. Dahil dito dapat talagang ayusin ang ating energy security kasabay sa pagsasa-ayos ng ating food security,” Pangilinan said.

Earlier, Pangilinan called for the suspension of the excise tax on fuel products to halt further rise in food prices and transport costs. He also suggested the urgent distribution of fuel subsidies to food producers and public transport drivers.

Due to the Ukraine-Russia war, it is projected that fuel prices may jump to as high as P77 per liter for gasoline and P73 for diesel, a Department of Energy (DOE) official said on Monday, using data from analysts.

In the international market, the Brent crude shot up to over US$105 per barrel last week, the highest on record since 2014, following Russia’s offensives against Ukraine.

Based on data and projections from the Mean of Platts Singapore, which is an average set of oil product price assessments, the price of oil per barrel may reach as much as US$120 this year, according to the DOE official.

As of February 24, the average price per liter of gasoline stood at P65.05, diesel at P57.45 and kerosene at P62.84 in Manila, the DOE said.

As of February 22, the year-to-date adjustments of petroleum products stood at a total net increase of P8.75 per liter for gasoline, P10.85 per liter for diesel and P9.55 per liter for kerosene, the DOE said.