Gov’t Should Buy Petron Shares, Piston Says

Posted 8:42 p.m., May 14, 2008

The Pagkakaisa ng mga Samahan ng Tsuper at Operator Nationwide (Piston) is calling on the Senate and the House of Representatives to investigate the government’s decision to sell the 40 percent share of Petron to Ashmore Group instead of buying share that will supposedly make the government a key player in the oil industry in the Philippines.

Piston secretary-general George San Mateo believes that with the scrapping of the Oil Deregulation Law and the government purchase of 40 percent of Petron’s shares, petroleum products will become more accessible to the Filipino people.

San Mateo said that if the government will refuse to buy Petron’s shares, it will become more powerless in controlling the rapid increase in oil prices. He added that through Petron, the government will be able to break the foreign oil cartel in the country. Moreover, San Mateo considers that the decision of the government to sell Petron’s shares is against the national interest because it will cause further increases in oil prices.

Piston warns that if the government will sell the 40 percent share to the Gokongwei Group or to any foreign companies, they will launch a series of protest actions. (

Share This Post