PNoy okays P300-M fund for monitoring of oil prices

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Saturday, January 25, 2014


NEGROS Occidental Third District Rep. Alfredo Benitez confirmed on Friday that President Benigno Aquino III has approved the P300-million budget requested by the Department of Energy to fund the monitoring of the compliance of oil industry players with the downstream oil deregulation law.

The budget is intended mainly for the manpower that will carry out the inspection activities.

The concept is like the Visayan Oil Price Watchdog, Benitez said.

“In a sense, it's the effect of our proposal for the creation of the Visayan watchdog,” the lawmaker said.

The DOE feels that the watchdog is a good deterrent in oil disparity and price manipulation, Benitez said.

The Visayan Oil Price Watchdog was earlier formed by Benitez in the wake of complaints on disparity in the prices of fuel products in Negros Occidental and other provinces particularly Cebu and Metro Manila.

Benitez said that as far as the Visayan watchdog is concerned, its accomplishment is the awareness it has created about such price difference.

He added that the DOE monitoring body is also a result of the recent investigations in the oil industry.

Benitez said he will discuss with Energy Secretary Jericho Petilla the operational functions of the DOE watchdog. (TDE/CNC)

Published in the Sun.Star Bacolod newspaper on January 25, 2014.

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