Monday, August 15, 2005
Three-peso hike in oil prices in RP seen (10:29 a.m.)
MANILA -- As the cost of oil in the world market continues to go up, the Department of Energy (DOE) said fuel prices in the country could rise by P3 per liter in the coming months.
In a radio station dzMM interview, Energy Undersecretary Peter Abaya said he believes that "there will be a series of increases in oil prices."
"I think it will be up to P3," Abaya added.
The hike in the cost of oil before the end of 2005 is because of increased demand for gasoline from the US and Europe, according to Abaya.
The Arroyo administration earlier called on the public to conserve fuel and energy with the looming oil crisis as the cost of petroleum in the world market has reached US$67 per barrel. (Sunnex)
|
