Reinstate OPSF to counter unabated oil price hikes — ‘JV’ By Charlie V. Manalo 05/11/2011

Reinstate OPSF to counter unabated oil price hikes — ‘JV’

By Charlie V. Manalo 05/11/2011
San Juan City Rep. Joseph Victor “JV” Ejercito yesterday reiterated his proposal to reinstate the controversial Oil Price Stabilization Fund (OPSF) implemented during the Marcos time to ease the effects of the unabated oil price increases.

This even as the solon expressed regrets that the Department of Energy (DoE) settled on providing temporary solutions to ease the burden of motorists from the continuing oil price hike with the ongoing distribution of the Pantawid Pasada Card.

“As we have warned before, coupon rationing is not enough and will not resolve the skyrocketing oil prices nor alleviate the condition of consumers,” the lawmaker said.

Ejercito added the agency should instead propose and act on sustainable solutions that would enable the local oil industry to withstand the price hikes in the world market while reiterating his proposal to abolish the Oil Deregulation Law and to recall the OPSF,” Ejercito said, adding “the most plausible solution to mitigate the people’s distressed condition over the price hike is to reestablish the OPSF.”.... MORE

Source:  The Daily Tribune

URL: http://www.tribuneonline.org/metro/20110511met1.html