PNOC should have reserved oil in case of price spike — Pacquiao

FILE PHOTO: Presidential candidate Manny Pacquiao. INQUIRER FILE PHOTO

MANILA, Philippines — The Philippine National Oil Company (PNOC) should have imported oil when its price was cheap to have a reserve when oil prices spike, Senator Manny Pacquiao said Wednesday.

“Kailangan talaga pagdating sa oil price, may say ang ating gobyerno. Unang-una, nandiyan ang PNOC, na-establish ‘yan. Dapat ang PNOC habang mura pa ‘yung fuel, lahat, ‘yung oil, nag-import sila nang mag-import para may reserve tayo in case na magmahal,” said Pacquiao in a press conference in Pangasinan.

(When it comes to oil prices, our government has a say. First, the PNOC was established. When the fuel and oil, among others, were cheap, the PNOC should have imported so we will have a reserve in case it becomes expensive.)

According to Pacquiao, the government should prepare in case these kinds of situations arise, so the public will not complain.

“Kailangan may plano, may preparation in case na may ganyang dumarating, handa tayo at hindi magreklamo nang reklamo ‘yung taumbayan,” the senator said.

(There should be a plan, a preparation in case something like this comes, we are ready and the people will not complain.)

Since the invasion of Russia, a key crude producer, on Ukraine on February 24, oil prices spiked to $100 per barrel.

To cushion the impact of high fuel prices, President Rodrigo Duterte approved the implementation of fuel subsidy and discount programs.

The Palace further called on the Congress to  review the Oil Deregulation Law to address the costs.

JPV