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Noy squanders chance to influence fuel pricing By Virgilio J. Bugaoisan 10/19/2011

Wednesday, October 19, 2011

Noy squanders chance to influence fuel pricing

By Virgilio J. Bugaoisan 10/19/2011

The government seems to have missed a golden opportunity to reclaim its ability to influence local prices of oil products after President Aquino turned down yesterday an offer from Petron Corp., now majority owned by conglomerate San Miguel Corp., to sell back to the state the refinery operations of the oil firm.

Aquino said the government does not have the expertise and “business acumen” to run the refinery despite the fact that the Petron refinery became the biggest in the country while in public hands during the term of former President Ferdinand Marcos.

Aquino said it would not be in the country’s best interest to buy back Petron’s Bataan refinery despite observations that this would give the government the needed leverage to influence the pricing of fuel products.

In thumbing down Petron’s offer to sell back to the government its Bataan refinery, Aquino admitted that his administration lacks the expertise and the business acumen to run Petron’s refinery operations..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/business/20111019bus1.html

1 comment

Jesusa Bernardo said...

kasing tarantads ni tabako ramos itong si a_noy. diktador man si marcos ay napakaganda ng nationalized industries policy niya. private may be more efficient but its detrimental to public interest.

"Earlier, Petron had offered to sell back to the government its Limay refinery in Bataan as it seeks ways to counter the adverse effects of oil price volatility on consumers.

"Petron chairman and chief executive officer Ramon Ang said it is high time for the government to “reinvest” in Petron, a position that he stressed in a letter addressed to Energy Secretary Jose Rene Almendras, a copy of which which was submitted to the Philippine Stock Exchange."

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