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As oil prices continue to rise, the political opposition demanded the Government to buy back Petron to control skyrocketing prices.

House Deputy Minority Leader and Bayan Muna Rep. Carlos Isagani Zarate and Makabayan Senator Bet and Bayan Muna Chairman Neri Colmenares made a call following the announcement of another oil price adjustment, the seventh price increase round in a row.

“Since the 15th Congress we have been in Bayan Muna tabled a bill to buy back Petron along with other laws to regulate the oil industry and control oil prices, “said Zarate.

He said,” Now it’s House Bill 4711 or Renationalize Petron Bill. As it is, Petron Corporation (Petron), which was formerly state-owned and controlled, is currently the largest and only publicly traded oil refining and marketing company in the Philippines and would have a significant impact in curbing the rise in oil prices. ”

The bill provides that, once passed, Petron Corporation’s specific policy objectives will include, but are not limited to:

(a) Specifically for Petron’s socially and economically sensitive products such as liquefied petroleum gas (LPG) , Naphtha, petrol, kerosene, automatic / industrial diesel oils and industrial / residual heating oils, to pursue a pricing policy that maintains the prices of crude oil and mineral oil products that are wholesaled or retailed to local consumers, insofar as this is socially and economically feasible and allows the fulfillment of the purposes of this law; (b) control antitrust and monopoly prices and thus control unreasonably high prices; (c) Increasing and promoting local capacities for exploration, refining and exploitation, processing and development of oil; ….

“If Sek. (Alfonso) Cusi is really sincere in lowering oil prices, because he should have been on this Pushing law since becoming Energy Secretary, ”he insisted. Regarding Makabayan’s senatorial bet, Neri Colmenares said that“ Energy Secretary Cusi was apparently so busy looking for a flag bearer or a bank warmer for her presidential bet try to make him forget his job of keeping oil and electricity prices down. ” With many Filipinos losing their jobs due to the pandemic and others just recovering from the recession, the Department of Energy should be at the forefront of making electricity tariffs affordable, ”Colmenares said.

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Ref: https://mb.com.ph