Pump prices are expected to rise by as much as P4 per liter next week following the decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies to cut production. READ:
Pump prices are expected to rise by as much as P4 per liter next week following the decision of the Organization of the Petroleum Exporting Countries and its allies to cut production.
OPEC+ announced a production cut of 2 million barrels per day starting next month to push up oil prices after its Oct. 5 meeting. Earlier this week, Pulse Asia said 66 percent of respondents in a September survey said containing inflation was the most urgent issue for the national government to tackle. Forty-two percent of the respondents also said they disapproved of the administration’s efforts to tame inflation.
House Speaker Martin Romualdez, on the other hand, asked the public to be more patient, saying the government is addressing the situation, which he blamed on external factors, including the strength of the US dollar vis-a-vis the Philippine peso, the increase of the price of crude oil in the world market and disruptions in the supply chain caused by the COVID-19 pandemic, and Russia’s invasion of Ukraine.Their confluence makes matters worse for all consumers throughout the world,” he said.
The group has recently forwarded its second aide-memoire to the President, in his capacity as the concurrent Agriculture secretary. “While there is a need to import mechanically deboned meat since they are not locally produced, deboned chicken is passed on as chicken fillet or chicken meat directly competing with our local chicken production, which is 97 percent sufficient to supply local demand,” Fausto said.
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