RP tries to deal with oil price hike<\/p>\n
MANILA: President Gloria Arroyo has ordered a \"contingency
\nplan\" drawn up to explore the Philippine government's options
\nshould there be further rises in oil prices, which have spurred
\nstreet protests and boosted inflation, her spokesman said on
\nWednesday.<\/p>\n
\"This contingency plan ... is calibrated to deal with the
\nrisks depending on the level of oil prices,\" said presidential
\nspokesman Ignacio Bunye.<\/p>\n
Energy Secretary Raphael Lotilla will submit the plan to
\nArroyo \"in the next few days,\" Bunye said.<\/p>\n
The government lost its power to dictate pump prices after
\nCongress passed a law deregulating the oil sector in the 1990s.<\/p>\n
Arroyo had told the energy secretary that the most important
\nthing was to look into whether the three main oil companies in
\nthe country were acting as a cartel in setting fuel retail
\nprices, Bunye said.<\/p>\n
On Monday, a massive transport strike, called to protest the
\nalmost weekly increases in oil prices, stranded tens of thousands
\nof commuters in major Philippine cities.<\/p>\n
There are concerns that oil price increases may cause the
\ninflation rate to exceed government projections, straining the
\nresources of an administration that is already struggling to keep
\nthe budget deficit under control. -- AFP<\/p>",
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