Out of PH control: DOE blames global events for looming oil price hike
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Out of PH control: DOE blames global events for looming oil price hike

The Department of Energy (DOE) has blamed the continued rise in fuel prices on global developments, ahead of a looming spike that will take effect on June 7.

Oil Industry Management Bureau Director Rino Abad said the Philippines remains a victim of global circumstances that keep oil expensive, with the pump price of diesel seen climbing by at least P6 per liter while gasoline at P2.50 per liter next week.

Abad cited the start of increasing demand for fuel supply in as countries in the northern part of the globe enter their summer season from June until September, the existing ban of the European Union from purchasing oil from Russia amid its attacks in Ukraine, as well as the easing of fresh COVID-19 lockdowns in China which is “projected to increase” the demand for petroleum products.

When will motorists feel a respite?

 

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