President Ferdinand Marcos Jr. warned businessmen and traders against taking advantage of the ongoing tensions in the Middle East as global oil prices are expected to surge.
In a video message, Marcos assured the public that the government is closely monitoring the prices of basic commodities in markets amid concerns that rising fuel costs could trigger increases in the prices of goods.
“Kasabay nito, patuloy na mino-monitor ng pamahalaan ang presyo ng mga bilihin sa mga pamilihan upang matiyak na walang mananamantala sa sitwasyon na ito,” Marcos said.
“Nakikiusap ako sa ating mga negosyante at mga traders: huwag ninyo sanang samantalahin ang sitwasyong ito. Pinapaalala ko sa lahat na ang hoarding at profiteering ay labag sa batas,” he added.
The President also assured the public that the government is preparing for possible major pump price hikes expected in the coming week.
Marcos said he is already in talks with Congress to grant him authority to reduce the excise tax on fuel should crude oil prices exceed $80 per barrel, a move aimed at cushioning the impact on consumers.
Tensions in the Middle East escalated last weekend after U.S.-Israeli airstrikes reportedly killed Iranian Supreme Leader Ali Khamenei, a development later confirmed by Iranian state media.
U.S. President Donald Trump has since said combat operations in Iran would continue until all objectives are achieved, adding that three U.S. service members had been killed and that more casualties were likely.
