• CHERYL G. CRUZ
The Bacolod City Police Office must join forces with the departments of Energy, and of Trade and Industry to ensure against hoarding and price manipulation amid the soaring fuel prices due to ongoing tensions in the Middle East.
Councilor Wilson Gamboa Jr. said there is need for balance “between the interests of the business sector and the protection and welfare of consumers”, amid increases in the prices of petroleum products and the expected hikes in the cost of basic and prime commodities.
“Price control in the Philippines is governed by Republic Act 7581, or the Price Act, which stabilizes prices of basic necessities and prime commodities during emergencies, disasters or unjustified price surges,” he stressed.
Gamboa noted that items under the price control include basic necessities, such as rice, corn, bread, fish, meat, eggs, milk, vegetables, cooking oil, salt, sugar, laundry soap, and medicine, while prime commodities include fertilizer and petroleum products.
There is need for the BCPO, DTI, and DOE to prevent those who seek to profit on oil products and essential commodities through hoarding and price manipulation.
Malacañang earlier assured the public that the country has “adequate supplies of fuel and essential goods despite rising oil prices amid ongoing tensions in the Middle East”.
The Presidential Communications Office said any unusual increases in the prices of essential goods and petroleum products should be promptly reported to appropriate regulatory agencies, including the DTI and the DOE, after oil companies began implementing staggered price increase in fuel products March 10. | CGC
