Tuesday, November 10, 2009

EO 289: Oil prize freeze

Under Executive Order 839, oil industry players are directed to retain the level of the retail price of petroleum products prevailing on October 15, 2009 or one week after the last landfall of typhoon Pepeng.

However, notwithstanding the implementation of this EO, oil companies still insist that they will incur too much losses when this EO continues and is not lifted as soon as possible.

The target of this executive order is to help the consumers who are end-users of petroleum products to be unburdened by high prices of commodities which is usually the consequence of the high price of petroleum.

The oil price freeze has again caused these capitalist oil companies from saying stories of possible shortage of supply of fuel in the coming days. These oil giants warned that if the oil price freeze is not lifted, there might be a possibility that the firms will not import oil products from the refineries outside the Philippines. Neither would they sell at a loss.

Nonetheless, with this existing fear of shortage the government will do its best to avoid this scenario without giving up on the whims of these capitalist oil players. It is said that there is a scheduled meeting tomorrow on the part of the members of the executive department to find a solution on this impending crisis.

No comments:

Post a Comment