Bill to ‘renationalize’ Petron pushed

A GROUP of minority lawmakers on Sunday urged congressional leaders to fast-track the approval of a bill that would place a major fuel company under government control amid rising pump prices that threaten to stoke inflation and dampen economic growth.

The House of Representatives should immediately pass House Bill No. 8127 to “renationalize” Petron Corp., the country’s only oil refiner that was privatized in 1994 when the government was pushing to deregulate the domestic oil market.

“It is time to reclaim control over vital industries and ensure that oil, energy, and livelihoods are served — not the profits of a few,” Party-list Reps. Antonio L. Tinio, Sarah Jane D. Elago and Renee Louise M. Co said in a joint statement in Filipino.

A Petron Corp. representative did not immediately reply to a Viber message seeking comment. Its president and chief executive officer Ramon S. Ang last week said he was willing to sell the fuel company back to the government.

Efforts to rein in surging fuel prices have prompted lawmakers to push for sweeping reforms, including proposals to suspend fuel taxes and a review of a 1998 law that deregulated the oil industry.

Petron Corp.’s refinery in Bataan province west of the capital processes around 180,000 barrels per day and feeds roughly a third of the country’s fuel demand. — Kenneth Christiane L. Basilio