posted by ANGELINE VALENCIA | October 29, 2009

Former justice secretary Franklin Drilon told Bohol media during his recent visit that he is calling on the Department of Energy to investigate the big disparity between the oil prices in Luzon and the Mindanao-Visayas areas, as he supports President Gloria Macapagal Arroyo's Executive Order 839 which instructed oil firms to roll back prices to October 15 levels in Luzon.

Drilon issued the statement during an interaction with the local media at Shang Manou before proceeding to his speaking engagement at the graduation rites of the University of Bohol on Wednesday last week. Drilon, who is eyeing a Senate come-back, said Malacañang has basis for issuing the executive order as he said the oil companies even failed to come up with inventories which only invites suspicion on the credibility of their threat of stock shortage.

Drilin pointed out that the stock of oil sold at present were not actually purchased at a recent price in the world market.

Drilon also said it is surprising why the oil prices in Visayas, especially in Bohol and in Mindanao are higher by P10 than in Luzon.

He said it could be possible that the oil companies are recovering losses in Luzon from the Visayas and Mindanao sales.

Running under the Liberal Party, Franklin Drilon also said that it would be his first move to initiate review of the oil deregulation law if he could return to the Senate in 2010.

He said the recent situation in the country's oil industry only shows that the oil deregulation law “is not working this time”.

The signs of monopoly among oil companies, which is punishable by law, run counter to the spirit of the oil deregulation law which was supposedly intended to lower oil prices through competition.

Drilon said the oil deregulation law needs extensive review to allow real competition among industry players, to lead into the lowering of the oil prices.

Meanwhile, in his speech during the graduation rites of UB, Drilon advised the graduates to always bear in mind that the present decisions determine the future.

“Be careful what you plant now. It will determine what you will reap later. Be careful with the leaders you will vote for next year. It will determine the fate of our beloved Philippines,” Drilon said.

Drilon also appealed to the new graduates to always remember “to give back to you country” as they harness their potentials and “blaze new trails”.