Sunday, August 12, 2018

Cusi Orders Importation of Low-Cost Oil to Help Arrest Inflation

Wazzup Pilipinas!

Energy Secretary Alfonso G. Cusi takes steps to address slowing growth and high commodity prices by tapping the Philippine National Oil Company-Exploration Corporation (PNOC-EC) to import low-priced fuel.

PNOC-EC acquired in December last year, a trading function to generate added income for the government.

"PNOC-EC will source low-priced petroleum products particularly diesel, to mitigate the impact of volatile oil prices," Sec. Cusi said.

The measure is expected to have a ripple effect on taming the prices of basic commodities, thus controlling inflation. The resulting price relief would ease the plight of consumers.

Under the project, the trading function of PNOC-EC will be employed in the acquisition of low-priced fuel which will mainly come from state deals.

The PNOC-EC Board chaired by the Energy Chief is drafting the trading procedure and policy safeguards for the public on the proposed importation.

The products bought at a special price will be made available to dealers, operators and independent petroleum players under a Memorandum of Agreement.

The Department of Energy (DOE) also issued a Memorandum Order requiring oil companies to provide Euro-II compliant automotive diesel oil to help reduce fuel prices.

"Pursuant to existing Philippine National Standards on Diesel Fuel Quality and in accordance with the provisions of Republic Act 8479, otherwise known as the Downstream Oil Deregulation Law, Republic Act 8749, otherwise known as the Philippine Clean Air Act and for the purpose of reducing the impact of rising petroleum prices in the world market, all industry players are hereby directed to provide at the retail level Euro-II compliant automative diesel oil as a fuel option for the transport and industrial customers," the Memorandum Order stated.

It also directed oil companies offering Euro-II compliant diesel to submit a monthly compliance report, indicating the list of participating retail outlets.

According to Sec. Cusi, the sale of said diesel will be subjected to close monitoring by the DOE.

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