Mindawide transport group confab set, oil companies asked to make a one-time P5.00/liter rollback

September 2, 2008

By Lizanilla J. Amarga

The rollback in oil prices by a total of P5.50 per liter for diesel is not enough and that oil companies must be investigated for unfair trading and the Oil Price Stabilization Fund (OPSF) revived, local officials and the local transport groups said yesterday.

This they argued even as Energy Sec. Angelo Reyes announced that by their computation, the nation can expect more reductions in pump prices.

National Transportation Group Mindanao coordinator Virgilio Valmoria and Transportation Federation of Cagayan de Oro (Trafeco) president Epifanio Tamiok voiced fears that these price rollbacks on pump prices are “temporary, unreliable and unstable.”

Valmoria said there will be a Mindanao-wide transport group conference here in Cagayan de Oro by September 6, 2008 where they will also discuss Reyes’ announcement of supposed rollbacks and what their action plans will be to protect the their transport sector further.

Former Cagayan de Oro city mayor now Senator Aquilino Pimentel, Jr. voiced hopes that Reyes would honor his word and fast.

“Usahay pareho lang na siya sa iyang amo di matuman ang ga-ianuncio (Oftentimes, Reyes is like his boss Pres. Gloria Macapagal-Arroyo who does not do what they announced to do),” his text message to Gold Star Daily reads.

Cagayan de Oro Second District Cong. Rufus Rodriguez said there is a study in Congress that oil companies should still make a one-time immediate rollback of P5.00 per liter aside from the staggered oil price hike total of P5.50.

He said the congressional study takes into consideration how the local oil price exploded when the price of oil went up to $145 per barrel and has now gone down to around $110 per barrel these days.

Rodriguez said he has also filed a bill to have the three major oil cartels – Caltex, Petron and Shell – investigated for the way they are fixing oil prices and for “economic sabotage.”

He said he is also pushing for the creation of a Fair Trade Act that can come out with a cease and desist order against any oil price increase set forth by any of the oil companies.

“Because we have found out that our Energy Regulatory Commission does not have the power to stop these oil companies,” he told this paper.

Rodriguez said he is also moving fast on the oil deregularization law to be approved and the OPSF resurrected to act as a buffer fund everytime there is a sudden oil price hike in the world market or other factors that causes it to surge up.

He added that congress has now approved the revival of the OPSF for second reading last week.

Rodriguez, City Councilor Teodulfo Lao and City Councilor Roger Abaday agree that oil companies were always the first to increase their oil prices whenever pump prices per barrel increases in the world market.

However, these oil companies drag their feet when the reason for their oil price hikes in the world market are no longer existent and they are now called to bring down their price here in the country.

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Written by admin · Filed Under Cagayan de Oro