RP Government to Spend P49 B on Alternative Fuels Development

The government will spend about P49.1 billion for the Alternative Fuels Program next year, Sen. Juan Miguel Zubiri said yesterday.

He noted that bulk of the program will go to biofuels development at P25.6 billion which is 20.75 percent higher than the P21.2 billion allocated for the biofuels program this year.

The Biofuels Act, principally authored by Zubiri, mandates a two percent biodiesel blend and 10 percent ethanol blend for gasoline starting January next year. Read more

Oil Firms Roll Back Gasoline, Diesel Prices by P1

Dismissing the possibility of one-time big rollback, oil players have reduced their prices by P1 per liter on all their pump products.

The reduction was higher than anticipated as oil firms were expected to cut prices by only 50 centavos per liter for diesel.

Echoing the view of Energy Secretary Angelo Reyes, oil companies believed that the continuing drop in world oil prices would mean subsequent oil price rollbacks in the domestic front. Read more