President Arroyo lifted Friday Executive Order 839, freezing prices of oil products at October 15 levels and the imposition of the price ceiling on prime commodities, but with conditions that oil companies will not make “drastic increases” on fuel prices, invest more, and fulfill corporate social responsibility when the lifting takes effect on Monday.

The lifting came after the oil giants, business sectors, transport groups, and labor leaders agreed to support the conditions set by Mrs. Arroyo to protect public interest during a meeting at Malacañang’s Aguinaldo State Dining Room.

The Chief Executive announced the lifting right after Trade Secretary Peter Favila bared the scrapping of the price control on basic commodities on Monday.

When asked by Press Secretary Cerge Remonde when the effectivity of the consensus, the President said: “Monday, the same as the price control."

“Please comply with these conditions we set today,” she said.

The conditions were set following the recommendation made by Energy Secretary Angelo Reyes appealing to oil industry players to provide discounts in the selling of petroleum products in some designated areas.

Trade Secretary Peter Favila issued a stern warning that his department will not hesitate to impose again the price ceiling if there will be violations of hoarding and profiteering in the market.

“There are three conditions that we have set; one is to ensure there is adequate supply and reasonable pricing ceiling, there is no hoarding and no profiteering, and third is that there is discipline in the market,” he said.

“Mrs. President, I will not hesitate to reimpose the price control,” Favila said.

Shell country Chairman Edgar Chua welcomed the lifting as a “welcome development,” as he expressed his companies’ support to the principles of staggered adjustments, investment confidence and corporate social responsibility.

During the meeting, the President also ordered the DTI, DoE and the Land Transportation and Franchising Regulatory Board(LTFRB) to help the transport sector put up the consortium to import gasoline and diesel as she asked Reyes to intensify campaign against colorum.

With the lifting of EO 839, the Makati Regional Trial Court rendered as moot and academic the petition of Pilipinas Shell to restrain Malacañang from implementing the freeze on the price of petroleum products. (With a report from Kris Bayos)