As oil prices spiral, Gatchalian seeks reactivation of Pantawid Pasada

In the wake of the spiraling increase in oil prices, Senator Win Gatchalian on Thursday urged the government to reactivate the fuel subsidy Pantawid Pasada Program to provide relief to the public transport sector and cushion the impact of high fuel prices on the riding and consuming public.

“Ang panawagan ko sa ating pamahalaan ay protektahan natin ang ating mga tsuper at pasahero. Dito papasok ‘yung programa na Pantawid Pasada kung saan pinopondohan muna ng gobyerno para ma-absorb ‘yung pagtaas ng presyo ng petrolyo,” Gatchalian said.

He likewise called on the Department of Energy (DOE) to monitor the compliance of oil companies on their inventory requirements to ensure adequate supply and help mitigate further price increases in the coming months.

Gatchalian, in taking note of the global oil supply and price movements, rang the bell as the country’s oil companies raised pump prices for the seventh consecutive week.

As much as P1.50 per liter for diesel, P1.45 per liter for kerosene and P1.30 per liter for gasoline were imposed by Chevron Philippines Inc., PTT Philippines, Seaoil Philippines, PetroGazz, Unioil Petroleum Philippines, and Cleanfuel effective Tuesday, October 12.

The Senate energy committee chair said there’s a potential average increase of P1,422.50 in the monthly expense of jeepneys for gasoline and a potential average increase of P598.36 for diesel.

To cover for the three-month subsidy of the estimated 178,244 valid franchise holders of public utility jeepneys (PUJs) nationwide, the government will have to shell out at least P914,160,894 million, Gatchalian said.

He further said that the price of gasoline increased to P58.85 per liter this month compared to P51.25 in October last year while diesel prices rose to P47.90 per liter this month compared to last year’s P35.46.

“Itong sitwasyon natin ay maaari pang lumala dahil bukod sa winter season na, maraming ekonomiya na sa buong mundo ang unti-unting nagbubukas at dumadami na rin ang gumagamit ng petrolyo,” he said.

“Inaasahan nating tuloy-tuloy pa ang pagtaas ng presyo ng langis sa pandaigdigang merkado hanggang sa katapusan ng taon,” Gatchalian said.

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Source: Latest Politics News Today (Politics.com.ph)