MANILA, Philippines – There is no reason for fuel pump prices to increase with the scrapping of Executive Order 839 that had implemented a price cap on oil products in Luzon, officials pointed out.
An official of the Bangko Sentral ng Pilipinas (BSP) said the movement of oil prices in the world market and peso as against the US dollar does not justify an increase in pump prices.
The Cabinet-level Development Budget Coordination Committee (DBCC) has pegged the projected oil price at $65 to $70 per barrel and the foreign exchange at P47 to $1 this year.
The BSP official pointed out the average price of oil in the world market is still within the projected level while the exchange rate is also within the projected band.
President Arroyo issued EO 839 freezing fuel prices at Oct. 15 levels for an indefinite period of time while a state of calamity or national emergency is prevailing in Luzon that had been battered by tropical storms “Ondoy” and “Pepeng” in a week’s span.
The order invoked the Oil Deregulation Law that allows the Department of Energy to take over or direct the operations of the industry in times of national emergency or when required by public interest.
However, the order drew strong criticisms from various sectors, including business organizations.
Major oil companies led by Petron Corp., Pilipinas Shell and Chevron strongly opposed the imposition of price cap on oil products and warned of possible supply shortage.
BSP Deputy Gov. Diwa Guinigundo also warned that imposing price ceilings on oil products and basic commodities could lead to market distortions.
The public pressure forced Malacañang to revoke the order effective today following the recommendation from the task force of departments Justice and Energy that reviewed the price control order. –Lawrence Agcaoili (The Philippine Star)
July 2025
Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.
Accept National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos
July
3 July – International Day of Cooperatives
3 July – International Plastic Bag Free Day
5 July – World Youth Skills Day
7 July – Global Forgiveness Day
11 July – World Population Day
17 July – World Day for International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons
Monthly Observances:
Schools Safety Month
Nutrition Month
National Disaster Consciousness Month
Weekly Observances:
Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week
Daily Observances:
First Saturday of July:
International Cooperative Day
in the Philippines
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