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Legislator rejects limit on oil exchange purview.
The proposed National Oil Exchange Corp. (NOEC) would not be effective if it will only control 25% of the country's total oil requirement, a legislator said yesterday.
Bataan Rep. Enrique T. Garcia, Jr., author of House Bill (HB) 8710, said limiting NOEC control over the country's oil supply would also limit the benefits of lower petroleum prices. "Consumer and Oil Price Watch chairman Raul T. Concepcion (is) recommend(ing) to limit the bidding to 25% of our requirements. If we do as he suggests, then the benefit would be limited to 25% of the public also," he told reporters.
Mr. Concepcion has said the NOEC, as a government-owned and -controlled …
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