With pump fuel prices seemingly racing toward the P100 per liter-mark, Camarines Sur 2nd district Rep. LRay Villafuerte is prodding the incoming Marcos administration to consider putting up a national strategic petroleum reserve (SPR).
With pump fuel prices seemingly racing toward the P100 per liter-mark, Camarines Sur 2nd district Rep. LRay Villafuerte is prodding the incoming Marcos administration to consider putting up a national strategic petroleum reserve .
He issued this statement even as the cost of gasoline reached P95 per liter; and diesel, P84 per liter with the latest price adjustments. What’s worse is that further price hikes seem inevitable in the coming weeks. “Given the seemingly endless oil price spiral in the world market, one way for the incoming BBM administration to stabilize the retail cost of petroleum products—and shield consumers and motorists from the debilitating effects of sky-high prices of gasoline and fuel—is to put up a state-run storage facility that would enable the government to bring in additional inventory that could help soften future price surges,” Villafuerte said.
“In fact, the best that DOE Secretary [Alfonso] Cusi has done to calm an anxious public is to tell some three months back that the PNOC has been tapped to do a feasibility study on it .”
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