Metro Manila (CNN Philippines, April 4) — The National Association of Electricity Consumers for Reforms, Inc. (Nasecor) on Monday called on President Ferdinand Marcos Jr. to make an economic appeal for the public to cut down on oil consumption after OPEC+ producers announced price cuts.
Nasecor President Pete Ilagan said Marcos would have a “very big impact” on the Filipino people if he asks the masses to cut down on “unnecessary expenses” that use oil consumption – such as travel.
“The President can make an economic appeal. Not only to the big businessmen but to the common [people] – the motorists – to cut down on their travel so the OPEC+ will see equally how we respond to their decision to cut production,” Ilagan told CNN Philippines’ The Final Word.
Oil prices spiked Monday after OPEC+ producers unexpectedly announced that they would cut output.
The cuts will start in May and last through the end of the year, an official with the Saudi Ministry of Energy was quoted as saying by Saudi state-run news agency SPA.
Ilagan said the government should be able to create a new policy to balance the cut in oil products from OPEC+ with an equal amount of reduction in oil consumption.
“This oil price increase will again be another blow upon commuters, our jeepney drivers, bus drivers, taxi drivers – upon our industries that are heavily dependent on oil,” the Nasecor chief said.
Ilagan added that policies should be made to cushion the impact of the cut in oil production on the people and the economy, pinpointing the rising energy prices and the challenge of inflation.
