Senator Sherwin Gatchalian urged the government to prepare for adjustments in domestic oil prices after global prices surged this week following the decision of Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries to further cut oil output by 1.16 million barrels per day.
“This event is unfortunate and the government should immediately take action that would cushion the impact of a possible effect on the domestic economy, particularly since this would further intensify inflation pressure,” Gatchalian said.
Gatchalian who is vice-chairperson of the Senate committee on energy, said the Department of Energy (DOE) should immediately coordinate with industry players to ensure sufficient and steady supply of oil in the country.
Gatchalian also said the Land Transportation Regulatory and Franchising Board must initiate preparations for an efficient and timely implementation of the Pantawid Pasada program, noting that its effectiveness is hinged largely on the timing of its disbursement to targeted beneficiaries.
Amid continuing volatility in oil prices, the lawmaker also urged the DOE to expedite the implementation of the Electric Vehicle Industry Development Act and usher in the widespread use of electric vehicles to help ease the country’s dependence on imported oil.
Earlier this week, oil companies implemented a price hike after two consecutive weeks of cuts attributed to the tightening of petroleum supplies.
Seaoil increased the per liter prices by P1.40 on gasoline, P0.50 on diesel and P0.20 on kerosene. PTT and Phoenix Petroleum adjusted per liter prices upward by P1.40 on gasoline and P0.50 on diesel.
