MANILA, Philippines - President Aquino has asked the Trade and Energy Departments to monitor the effects of the recent spate of oil price hikes on basic commodities, deputy presidential spokesperson Abigail Valte said.
But Valte clarified the government has limited power over the issue due to the deregulated oil industry.
"As the industry is deregulated, prices are normally subject to fluctuations in world market prices. The DOE and DTI will be able to tell the public what impact the latest increase will have on basic commodities, if any," she said.
Oil companies increased pump prices on Tuesday morning. Premium gasoline prices of Pilipinas Shell, Petron, and Chevron went up by P0.95 per liter, while regular gasoline prices rose by P1.15, kerosene by P0.70, and diesel by P0.65.
This was already the 4th straight increase in as many weeks. - Report from Jing Castaneda, ABS-CBN News