Power for Gloria to set oil prices sought

BY DENNIS GADIL

SEN. Francis Escudero yesterday sought more powers for President Arroyo to enable her to look into the oil price increases imposed by petroleum companies and protect the basic sectors.

Escudero said the oil deregulation law has become biased for big oil players which can easily raise oil prices without having to seek government's consent.

"In contrast however, small people like the transport sector who bear the brunt of reckless soaring of oil prices have to court, seek and plea for the government's consent for fare hike to cope with the escalating oil price," he said.

Escudero, chairman of the Senate ways and means committee, said the oil deregulation law must be amended to grant the President price-setting powers to address the impact of "any considerable increases in oil prices."

He said the presidential power will only be on a "standby" basis or used only if there is a questionable upward movement in oil prices.

Gasoline rose to as high as P50 a liter over the weekend in the ninth increase for this year.

Oil firms said they are eyeing a recovery amount of P7 a liter to stop losses due to skyrocketing world crude prices.

Escudero has filed Senate Resolution 217 which seeks to amend Republic Act 8479 or the oil deregulation law.

Escudero said when the law was enacted almost 10 years ago, the energy department was given enough powers and prerogatives to monitor the prices of oil commodities to ensure reasonable pricing on the basis of prevailing inventory and market price.

Despite such powers and prerogatives, he said, price increases were implemented faster than the public can cope with, as opposed to a decrease in oil prices by oil companies and retailers.

Escudero said government should be protecting the small people who have little or no access to equal opportunities.

He said if the call to amend or repeal the oil deregulation law will be continuously ignored, the government will prove to be a disempowering institution to its people.

"Shouldn't it be that those who have less in life should have more in law? If we can't give tangibles to the poor, then we should at least give them their day under our laws," he said.