Manila, March 10 -- The city government and national government agencies have teamed up in cracking down on overpricing of commodities amid soaring oil prices due to tensions in the Middle East.

Mayor Benjamin Magalong on Tuesday said he ordered the Local Price Coordinating Council in a meeting on Monday to assess the potential effects of the conflict on local markets and ensure that measures are in place to protect consumers amid uncertainties in the global market that may affect prices of basic goods.

"We will go after these opportunists, issue notices of violation, and if they fail to properly explain their price range, then we will cancel their business permits," Magalong said.

The council's members reviewed the city's current pric...