Aquino planning to use his powers to put a stop to unabated increase in oil prices

President Aquino is seriously considering to use his powers to halt what seemed to be an uncontrollable increases in prices of petroleum oil products.

He also assured the public the country has a buffer stock of petroleum products that would still be good for at least 24 days.

In an interview with Palace reporters, Aquino detailed plans of the administration to help the transport sector cope with the effect of the continuing fuel price increases, part of which is to work out a 30-day buffer supply of petroleum products.

The President said he had asked for an update on the movement of fuel prices from the Department of Energy, adding while there are recent increases in prices these adjustments are minimal compared to last year’s prices.

“What we can guarantee for now is that we have enough stock for 24 days (buffer stock). We’re targeting that instead of just 24 and a half days, there is a 30-day buffer supply. That’s number one,” the President told reporters in an interview during the Philippine Information Agency’s 25th anniversary celebration yesterday in Quezon City.

He said the “Pantawid Pasada Program” (PPP) will continue assisting the transport sector cope with the increases in fuel prices.

“The PPP still has an allocation of roughly something like about P200 million plus remaining balance. In short, we don’t need a new funding for it. We could still use that,” the President said.

The government can still provide two cycles of Pantawid Pasada without increasing the funding, the President added.

The government has enough money after the Land Transportation Office and the Land Transportation Franchising and Regulatory Board reviewed the list of legitimate franchised holders who are entitled to government support, he said.

The Chief Executive added his administration is also working to create a mechanism that could directly link drivers and transport operators to manufacturers and suppliers so they can get cheaper materials and spare parts for their vehicles.

There are also loans available to transport cooperatives planning to set up their own gasoline stations.

The President said the Development Bank of the Philippines and the Philippine National Bank can give up to P10 million per gasoline station.

According to the President, this scheme is now being implemented in Baguio City, saying part of the program is training in the downstream improvement of the energy sector.

The President also warned illegal bus operators to abide by the law. –Fernan J. Angeles, Daily Tribune