Noy OKs P300-M fund for downstream oil deregulation

BACOLOD CITY, Philippines – President Aquino has approved a P300-million fund for downstream oil deregulation, a lawmaker said Friday.

Negros Occidental third district Rep. Alfredo Abelardo Benitez said part of the allocation is intended for additional manpower to monitor oil pricing and inspection activities in provinces and cities nationwide.

“It will monitor the oil industry’s compliance in terms of quantity and quality of petroleum products,” he said, adding that the budget was sourced out from the Department of Energy (DOE).

Benitez, provincial chairman of the Liberal Party in Negros Occidental, said he talked with Aquino recently and requested the President to look into the higher fuel prices in Bacolod City and the rest of Negros Occidental as compared to other areas of the country.

The disparity had reached as high P8 per liter, he said.

“I hope this P300 million fund is the solution we are seeking,” Benitez said.