MANILA: Malacanang has urged consumers not to engage in panic buying, saying there is a sufficient supply of fuel and basic commodities despite tensions in the Middle East.
At a press briefing in New York City on Monday (New York time), Palace Press Officer Claire Castro said there have been no movements in the prices of basic goods based on information from the Department of Trade and Industry.
However, oil companies are scheduled to implement increases in fuel prices.
“This is not what our government wants, but because the tension in the Middle East continues, our fellow citizens really need to prepare,” she said.
“But there is no need for panic buying because the supply is complete and still sufficient, especially our fuel and our basic commodities,” she added.
She also warned those who may attempt to hoard fuel supplies of possible legal consequences.
“We know that there are laws against actions like hoarding and profiteering—taking advantage of situations like this. There is no need for them to stockpile goods or increase their profits or markups because the situation has not reached that point,” the Palace official said.
“So if you are caught violating the law—caught hoarding or engaging in profiteering—the government will not let it pass, because you yourself will face charges and be sued,” she added.
Shell Pilipinas will impose an initial P14.55 per litre increase on diesel prices on Tuesday, but on Wednesday and Thursday, an additional P7.30 and P2.40 a litre will be added to the price.
Petron’s diesel price will initially implement a hike of P11.60 per litre, with an additional P3.80 to be added on the following days to complete the total increase of P19.20. - Philippine Daily Inquirer/ANN
