Oil price hikes: Marcos says 'everything normal, no need to hoard'

“Everything is normal. No need to hoard.”

President Ferdinand “Bongbong” Marcos Jr. made this assurance despite the oil price shocks amid the escalating tension in the Middle East. 

Marcos said the supply of basic goods as well as fertilizers remain sufficient. 

He said this as he inspected the Agora Public Market in San Juan City.

''Dito lang sa Pilipinas, normal lang muna ang ating mga presyohan at tinitiyak nga natin… Ang supply natin, maganda naman ang supply natin ng pagkain, ng bigas, lahat ng mga basic goods,'' Marcos said.

(Here in the Philippines, the prices remain normal. Our supply of food products, rice, and basic goods remain sufficient.)

Marcos said there's no reason for the public to hoard basic commodities. He also said the price cap being imposed by the Department of Trade and Industry is being followed by retailers.

''At sa nakikita naman natin ay sinusundan naman ang mga price cap na nilalagay ng DTI. At nakakatiyak naman sa Department of Agriculture na ang supply ay sapat. Kaya't hindi kailangan mag-hoarding, ating mga vendor, hindi kailangan – huwag niyo naman samantalahin. At mukha namang hindi nila ginagawa,'' he said.

 (The price cap imposed by the DTI is being followed. And the Department of Agriculture is certain that the supply is enough. No need to hoard. For our vendors, there's no need to take advantage. It seems they're not doing it.)

Agriculture Secretary Francisco Tiu Laurel Jr., for his part, admitted that commodity prices could still increase in the coming weeks amid the continuing rise in oil product prices.

''If I want to be practical and honest, yes we should expect na tataas but not all,'' Tiu Laurel said. 

Recently, Iran's military command warned that oil prices may reach as high as USD$200 per barrel. It has effectively shut Strait of Hormuz, through which 20% of the world's oil and liquefied natural gas pass. —VAL, GMA Integrated News