Senatorial candidate Herbert “Bistek” Bautista on Monday said buying back Petron from San Miguel Corp. would help foster competition and provide a vehicle for subsidies which the government needs to ensure to mitigate the impact of an oil price surge as tension between Russia and Ukraine escalates.

With Petron in government hands, the former Quezon City mayor said prices could be kept in control through competitive means, while Petron can also become a vehicle through which the government could subsidize oil prices.

“Petron can provide lower prices. That would be a form of subsidy,” Bautista said.

The senatorial bet recalled that businessman Ramon Ang himself said that he was willing to sell Petron. “Even if he loses in the transaction, it’s important to be able to help the country,” he pointed out.

“Of course, we believe in competition and rivalry in the private sector but the government should be a competitor, too, so instead of aid, the benefit can go directly to drivers, etc,” added Bautista.

According to Bautista, there are two ways the government can cushion oil price surge. That is by subsidy and competition.

He said it would be inevitable for European countries to turn to the Middle East to acquire oil supply after they cut off ties with Russia, their primary source of oil and gas.

“Eventually, if they get their oil from the Middle East, that’s when we will feel the effect...so the result will be price increases,” he estimated.

Bautista said commuters and public transport drivers are the two sectors that would be immediately hurt by the oil price increases.

“Our commuters will pay more...Our drivers and operators would protest and demand higher fare,” he said.