Aquino Admits Power To Control Oil Price Hikes, But Won
MANILA, Philippines -- President Benigno Aquino III said he has the powers to impose price controls on oil and petroleum products as well as other basic commodities if it becomes “necessary” but the increases at this point do not warrant yet such an intervention.
Aquino said a priority intervention for now is to increase the buffer stock from 24 days to 30 days.
“We are focusing on the prices, and if it becomes necessary -- if the Iran problem becomes a crisis -- we have the right, as President, to impose price controls if it becomes necessary, if there is a calamity,” the President said.
“But so far, the Department of Trade and Industry said it was only the price of sardines that has been increasing substantially. Otherwise, the increases are moderate so (price controls) are not yet necessary,” Aquino said.
The President said he will still push through with the planned dialog with transport groups but there is no definite schedule yet.
