Oil to hit US$100 per barrel
PRICES of petroleum products are projected to reach US$100 per barrel this year in the world market.
Dennis A. Uy, president and chief executive officer of independent oil firm-Phoenix Petroleum Inc., said there are indications that price trends in the international market would go up.
But he stressed that this increase in price globally should not be consider as a burden.
“If the global economy is improving, a hundred (dollar per barrel price) is not far-fetched,” Uy told reporters.
As of December 18, Dubai crude was placed at US$76 per barrel while unleaded gasoline was sold at US$81 per barrel and diesel at US$82 per barrel.
Uy also said that oil companies expected the global economic condition to stabilize this year.
He noted that if conditions improved this year, “we have to be prepared (for the possible price increase).”
Last week, oil companies hike prices of diesel by P1 per liter and gasoline at 50 centavos per liter due to rise in international fuel prices.
Phoenix Petroleum is listed at the Philippine Stock Exchange and has a total of 120 retail stations in the country.
Majority of its service stations are in Mindanao while the rest are in Luzon. (MSN/Sunnex)