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2 years ago from junjuntigassabaytayo
Palace to scrap oil price freeze order
MANILA - Giving into the clamor of the business community, Malacañang announced on Thursday it would lift the cap on oil prices in Luzon.
Justice Secretary Agnes Devanadera confirmed to ABS-CBN News that Malacañang is set to scrap the controversial Executive Order 839, which mandated oil companies to bring down fuel prices to the October 15 level in the aftermath of the recent typhoons.
Devanadera said Executive Secretary Eduardo Ermita will release an order repealing the oil price freeze.
She said oil companies, especially giants Petron Corp. and Pilipinas Shell, resolved to instead provide a discount of up to P2 in areas severely affected by the typhoons.
Department of Trade and Industry Secretary Peter Favila also confirmed that the price ceiling on oil will be lifted.
He warned, however, that consumers may see an uptick in oil prices as some retailers seek to recover losses from the price freeze. With reports from Alvin Elchico and RG Cruz, ABS-CBN News
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