Oil executives were summoned to Malacanang on March 12 for a “productive meeting” with Palace officials that firmed up plans to keep the supply of fuel products flowing while shielding consumers from excessive profiteering by erring retailers.
“The meeting focused on supply and prices, on how to keep both stable, amidst the volatility we are seeing,” Executive Secretary Ralph G. Recto, who led the government side with Energy Secretary Sharon Garin, said.
“This is pursuant to the directive of the President to protect our people from the impact of surging oil prices,” Recto said.
“And we have been addressing the challenges on multiple fronts, from an energy conservation drive by the government, to providing lifeline subsidies to transport groups,” Recto said.
But the latest and boldest move so far by President Marcos to cushion oil price shocks is his certification as an urgent priority measure, the bill authorizing him to suspend or reduce the excise taxes on petroleum products during economic emergencies, Recto said.
“The President wants the bill on his desk immediately so he can sign it,” Recto said.
But Recto said, “The major issue that must be addressed proactively in a crisis that is very, very dynamic is the supply chain disruptions.”
“Thankfully, the companies gave the assurance that whatever operational challenges in bringing the products here are manageable,” he said.
He said if the war in the affected region further chokes oil supply, “the alternatives are already being explored, per the President’s instructions.”
“This is the kind of oil diplomacy that oil executives and the government will have to jointly undertake,” Recto said.
For her part, Secretary Sharon Garin directed oil companies to ensure that gas stations properly adjust prices, and in a manner that reflects real market conditions.
In the meeting, she made clear that any premature, excessive, or unreasonable increase in fuel prices will not be tolerated and will be dealt with firmly.
Recto said the meeting was conducted in the sincere belief by the government that all stakeholders must be mobilized “in reducing the pain points of a crisis not of our own making.”
“Simple lang ang gusto ng Pangulo. Habang inaaksyunan natin ang krisis na ito, dapat magtulungan ang gobyerno at pribadong sektor para hindi gaanong maramdaman ng ating mga kababayan ang bigat nito." PR