By: Mona Lagbas
The continuous rise in petroleum product prices continues to burden consumers, with rollbacks remaining minimal despite global fluctuations. As fuel prices surge, many are urging President Ferdinand Marcos Jr. (PBBM) to consider reinstating the Oil Price Stabilisation Fund (OPSF) that his late father, former President Ferdinand Marcos, introduced to help buffer local prices from international volatility. The OPSF, implemented during the 1970s oil crisis, helped stabilize fuel prices by absorbing the impact of global price hikes, offering relief to consumers.
Advocates argue that without a similar mechanism in place, the Filipino public will continue to face the brunt of unpredictable and rising fuel costs.While the government has yet to respond to these calls, the persistent increase in fuel prices highlights the growing need for a more effective policy to protect consumers from economic strain. The revival of the OPSF could provide a much-needed solution to stabilize prices and shield the public from the volatility of global oil markets.
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