Baguio LGU warns profiteers, imposes stricter oil price monitoring amid Middle East conflict

The Baguio City local government unit on Monday advised the public to look out for profiteers, who are taking advantage of the conflict in the Middle East and making unreasonable profit, as it strengthened its oil price monitoring.

Baguio City Mayor Benjamin Magalong said a Local Price Coordinating Council meeting was held to discuss strategies against overpricing and unauthorized increases of the prices of commodity.

Among the strategies that were discussed are strengthening coordination among concerned offices and stakeholders to monitor commodity prices and to respond swiftly to unusual increases.

The Council will also set up a unified consumer reporting platform where people can report incidents for immediate action by agencies like the Department of Trade and Industry (DTI), Department of Agriculture (DA), and Department of Health (DOH).

The Baguio LGU will intensify information dissemination by regularly posting authorized commodity prices from the DTI, DA, and other agencies on its official social media pages.

Magalong plans to meet with oil dealers, retailers, and business groups such as the Philippine Chamber of Commerce to secure agreements that prevent business fraud, curb abuses, and support price stabilization.

He called on the public to be vigilant and report fraudulent businesses.

The conflict in the Middle East has severely impeded the shipping of petroleum products in the Strait of Hormuz, which is considered the world’s most vital oil export route.

The Gulf connects the biggest Gulf oil producers, such as Saudi Arabia, Iran, Iraq, and the United Arab Emirates, with the Gulf of Oman and the Arabian Sea.

According to data released by DOE, retailers are set to increase prices per liter of gasoline by P7.00 to P13.00, diesel by P17.50 to P24.25, and kerosene by P32.00 to P38.50 this week. —  Mariel Celine Serquiña/BAP, GMA Integrated News