Oil Price Hike in the Philippines

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Name: Niel Patrick E. Cardeño
Partner: Raymond D. Reynes
Section: 2Psy-1
News Article title: No stopping oil price hikes - DOE
Source: PhilStar.com
Date: July 15, 2012
Topic: Oil Price Hike in the Philippines
Reference Book: Ekonomiks (Para sa Paaralan), Author: Aurora L. Santiago

MANILA, Philippines - The government on Thursday reiterated that it would be unable to stop oil firms from implementing oil price hikes in the country. In a television interview, Zenaida Monsada, director of the Oil Industry Management Bureau of the Department of Energy, said that oil prices in the country are influenced by fuel prices in the international market. "The oil supply has been disrupted because of the uprisings in the Middle East and Africa. Our oil industry is deregulated. What we can do in the government is to ensure that oil companies do not increase their prices excessively," Monsada said. Since the start of the year, Monsada said, oil firms have implemented eight rounds of price hikes and two rounds of rollback. Monsada also said that the Philippines would be unable to influence the fuel prices in the international market as the country consumes some 300,000 barrels of oil a day, while the global demand is 90 million barrels a day. "We just buy from the market, we can't do anything about it," Monsada said. The activist group Bayan has led the protest actions against oil price hikes. Bayan and other people's organizations, including the Koalisyon ng Makabayang Manggawa at Mamamayan, held protest actions to coincide with the World Consumer Rights Day. "It has no concrete and thoroughgoing plan to address the impact of rising petroleum prices. Consumers are fed up with this government’s callousness," said Renator Reyes Jr., Bayan secretary general. He also clarified that no transport strike was being held in Metro Manila. Reyes said that in deploying police and soldiers, the government may be intending to intimidate...
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