PRESS STATEMENT
October 14, 2011
Dante Lagman, PMT President
0922-8898134
Aquino completely misses the point on Petron offer
Last week, in a “surprise” move, Petron offered government to repurchase the oil firm’s refinery in Bataan. In a letter to the Department of Energy, Petron Corp. chairman Ramon Ang made the proposal in order for government to have the means to address the issue of rising fuel prices. He likewise made their retail stations available for re-sale if deemed necessary.
Pnoy has rejected the offer. Saying “at this point in time it will not be in the best interest to people if government were to re-run Petron.” He also added “it will only lose money” and “inefficient pag government nagpapatakbo something that has purely business applications.”
Pnoy completely misses the point. He was outclassed by Ang. And once again, his impromptu statement exposes his utter incompetence and insincerity in addressing the issue of rising oil prices.
The reversal of Petron’s privatization is neither about business nor profit.
A government controlled Petron will not lose money if managed professionally. The practice of turning government corporations into appointees’ playgrounds and milking cows must be stopped.
Petron controls 38% of the local market. Petron’s refining capacity is 180,000 barrels per day. Control over this company will allow government to check the unscrupulous practice of oil firms in implementing oil price hikes, overpricing and price manipulation. A State Operated Enterprise (SOE), such as this case, will not be operated on the basis of profit-making like any other business, but of social welfare maximization.
By this, Petron in government hands must be made to assume the lead in the local oil industry in terms of pricing, quality and technology. It should offer consumers the most reasonably priced, high-quality and environmentally-sound fuel products.
Regaining control of Petron will surely put government in a better position to formulate and develop a comprehensive oil industry program with the end of serving the welfare and general interest of the Filipino people. ###
October 14, 2011
Dante Lagman, PMT President
0922-8898134
Rejection of Petron’s offer to sell refinery
Aquino completely misses the point on Petron offer
Last week, in a “surprise” move, Petron offered government to repurchase the oil firm’s refinery in Bataan. In a letter to the Department of Energy, Petron Corp. chairman Ramon Ang made the proposal in order for government to have the means to address the issue of rising fuel prices. He likewise made their retail stations available for re-sale if deemed necessary.
Pnoy has rejected the offer. Saying “at this point in time it will not be in the best interest to people if government were to re-run Petron.” He also added “it will only lose money” and “inefficient pag government nagpapatakbo something that has purely business applications.”
Pnoy completely misses the point. He was outclassed by Ang. And once again, his impromptu statement exposes his utter incompetence and insincerity in addressing the issue of rising oil prices.
The reversal of Petron’s privatization is neither about business nor profit.
A government controlled Petron will not lose money if managed professionally. The practice of turning government corporations into appointees’ playgrounds and milking cows must be stopped.
Petron controls 38% of the local market. Petron’s refining capacity is 180,000 barrels per day. Control over this company will allow government to check the unscrupulous practice of oil firms in implementing oil price hikes, overpricing and price manipulation. A State Operated Enterprise (SOE), such as this case, will not be operated on the basis of profit-making like any other business, but of social welfare maximization.
By this, Petron in government hands must be made to assume the lead in the local oil industry in terms of pricing, quality and technology. It should offer consumers the most reasonably priced, high-quality and environmentally-sound fuel products.
Regaining control of Petron will surely put government in a better position to formulate and develop a comprehensive oil industry program with the end of serving the welfare and general interest of the Filipino people. ###
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