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!
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September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
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