Oil price increases seen next week
Philippine Daily Inquirer
First Posted 20:34:00 04/15/2011
MANILA, Philippines—Motorists should brace themselves for a possible petroleum price increase next week as the cost of crude oil sustained its uptrend over the past three days since the beginning of the week, according to an energy official.
Energy Undersecretary Jose M. Layug Jr. told reporters that the increases this week were “minimal” compared to price movements last week, which was reflected locally on Tuesday as local companies raised the prices of gasoline and diesel by P1.50 to P1.75 a liter and kerosene by P1.40 a liter.
Layug noted that global prices, particularly the Dubai crude benchmark, were close to hitting the 2008 record high level of $140 a barrel. As of yesterday, he noted that the Dubai crude already hovered around $118 a barrel and unfortunately, the uptrend showed no signs of letting up as the factors that continued to boost prices remained.Amy R. Remo