Energy chief pushing for expanding fuel subsidy as ''rough week'' faces public
Energy Secretary Alfonso Cusi said he is pushing for expanding the fuel subsidy for public utility transport and the agriculture as world oil prices to continue to rise.
''That is our (Department of Energy) position and we will take that up with the economic managers with the Department of Finance,'' Cusi said Monday in CNN Philippines' The Source on Monday.
Cusi said this will be another ''rough week'' for the oil industry. He said prices will go up ''less than P12 for diesel and less than P7 for gasoline.''
Transport groups are set to meet today to decide what do to on Tuesday when diesel and gasoline prices are set to go up for the 11th week.
They are calling for the suspension of the fuel excise tax, which is also the position of the DOE.
''We have to balance this issue,'' said Cusi.
Cusi revealed that in a meeting with oil companies last Friday, he asked them ''to lessen'' their price hikes and make a sacrifice as they have asked people to the same.
'They are not receptive to it because... their relacement inventory they have to acquire it a higher price,'' he said.
Cusi said the oil companies are asking government if it can help in the financing.
''We discussed it with the DOF. We are looking at the bigger picture. We are looking at the inventiory. We are looking at bringing the supply to the country. We have to make sure our players will be able to do that. It is a cash flow problem that they are trying to bring to our attention,'' said Cusi.
Cusi said the DOE is reviewing the pricing formula for oil companies to help bring down oil prices. DMS
