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Palace assures public gov't taking measures to cushion impact of oil price increases

Palace assures public gov't taking measures to cushion impact of oil price increases

By Genalyn Kabiling The government is committed to taking steps to cushion the impact of the imminent increase of oil prices in the country, MalacaÃ±ang said Monday.

Chief Presidential Legal Counsel Salvador Panelo (PCOO / MANILA BULLETIN)

Chief Presidential Legal Counsel Salvador Panelo
(PCOO / MANILA BULLETIN)

Presidential Spokesman Salvador Panelo assured the public that the upward oil price adjustment would likely be temporary given the fluctuating costs in the world market.

"Iyon namang presyo ng gasolina eh hindi ba aakyat, bababa, so sanay na tayo doon. Hindi naman tayo naapektuhan nung matagalan, dahil short lang naman iyong nangyayari ," Panelo said over government radio.

"Lagi namang meron tayong mga kalakaran na bumabalik sa dating presyo. Ginagawa ng pamahalaan ang mga measures upang ma-neutralize natin ang masamang epekto nito ," he added.

Prices of gasoline are expected to increase by P1.50 to P1.65 per liter this week due to high global costs. Diesel prices will reportedly rise by P0.30 to P0.35 per liter while kerosene by P0.35 to P0.45 per liter.Â The new rates will reportedly take effect Tuesday,

Reports, quoting oil experts, said theÂ oil priceÂ adjustmentÂ might not last long amid the anticipation of a world economic slowdown as well as the increase in oil production of the United States.

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