Duterte wants traders exploiting oil price hike arrested

PRESIDENT Rodrigo Duterte has sought the arrest of traders who will take advantage of increase in fuel products’ prices triggered by the movement of oil prices in the world market, Malacañang said Saturday, May 26.

Presidential Spokesperson Harry Roque Jr. said the President had ordered the Department of Trade and Industry (DTI) to step up its monitoring efforts, after receiving reports that 70 percent of retailers raised the prices of basic necessities and prime commodities. “The President is not numb in what’s currently happening. No one really wants the oil price hike. That’s why he issued three directives. He ordered the DTI to arrest businessmen who are violating the suggested retail price [for basic goods and commodities], because many are really taking advantage now,” Roque said in a radio interview.

“The prices of basic goods and commodities have spiked. Perhaps, around 70 percent of the traders are taking advantage. They should know that there is a fine and closure order, [if the government learns they are taking advantage],” he added.

On May 22, prices of gasoline, diesel, and kerosene increased by P1.60 per liter, P1.15 per liter, and P1 per liter, respectively, after Brent crude oil prices have risen above $75.

Consumers have raised worry over oil price hike, fearing that several companies may increase the prices of basic commodities.

Roque said the government, through the Department of Energy (DOE), is now considering purchasing petroleum products from non-member of the Organization of Petroleum Exporting Countries (OPEC), in a bid to mitigate the impact of the soaring cost of oil.

“The DOE is now looking for producers of affordable oil from non-OPEC members, including Russia. We will do everything to import cheaper oil because not all oil producers are members of OPEC,” the Palace official said.

“So we are looking at the possibility of importing fuel products, even if it’s just a diesel, from a country like Russia,” he added.

Traditionally, the Philippines purchases fuel from nations under OPEC.

Roque said the government is now coordinating with the private sector to ensure that they would sell the fuel products at an affordable cost, just in case the country is able to get cheaper oil from nonmembers of OPEC.

He also said that the Labor department’s regional wage board are set to conduct a meeting to deliberate the possible pay hike for minimum-wage earners.

“The regional boards will be holding a meeting to see if there is a need to raise the minimum wage. Because of the increasing prices of basic commodities, the mimimum wage should be raised. However, there’s a process that needs to be done,” Roque said. (SunStar Philippines)