Aquino to DOE: Soften oil price hike impact on public

President Benigno Aquino III on Saturday ordered the Department of Energy (DOE) to soften the impact of oil price hikes on the public. Presidential Communications Operations Office head Herminio Coloma Jr. said Aquino is bothered with continued hikes in world prices of oil. “We are constantly monitoring the price movements and I assure you that we have not yet been seeing any price manipulation taking place locally since we can calculate accurately the petroleum price increases on commodity prices," Coloma said, according to a statement released Saturday evening by Malacañang. The Palace statement said diesel retail prices had shot up to P40.25 per liter. But Coloma also reminded oil companies not to take advantage of the situation because of the law of supply and demand. When oil prices get too high, he said Filipinos' buying habits will change and very few will be left buying their products. He added DOE Secretary Jose Rene Almendras is now persuading executives of major oil companies if they could give special rates to public transport vehicles, including jeepneys and buses, which directly affect the riding public. Also, he said that the Land Transportation Franchising and Regulatory Board (LTFRB) is studying asking the public transport drivers to continue granting discounts for students, as well as senior citizens. — TJD, GMANews.TV