Saturday, December 11, 2010

Another fuel price hike looms

MANILA, Philippines - The public will have to brace for higher fuel prices next week, according to the Department of Energy (DOE).
DOE Undersecretary Jay Layug said oil prices are expected to go up given the higher demand for petroleum in the international market.
He explained that there is a surge in demand for diesel in Asia and increased consumption in North America and Europe due to the winter season.
He urged oil companies to keep price adjustments reasonable.
Some oil firms are expected to raise their pump prices by P1 to P1.50 per liter.
Layug, however, assured the public there is no shortage in the supply of oil.
“There is no supply shortage at this time, shell and chevron continue to suffer from their logistical problems but the others have stepped up,” he added.

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