Updated Tuesday, October 27, 2009 10:59 am TWN, dpa

Philippines imposes oil price freeze after storms

MANILA -- Philippine President Gloria Macapagal Arroyo has ordered an oil price freeze to avoid major increases in the wake of devastation from two previous storms, a top aide said Monday. Executive secretary Eduardo Ermita said Arroyo signed the order Friday directing industry players to maintain the prices of petroleum products at the levels on October 15.

The prize freeze was issued “to prevent unreasonable increase in the prices of petroleum products during a state of calamity,” the order said. It added that the move was necessary “at this time when the Filipino people are reeling from the effects of the catastrophic devastation caused by successive calamities.”

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