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)
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
