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PIA Press Release
Thursday, January 05, 2012

 

More oil price hikes expected this year

by Venus H. Sarmiento

DAGUPAN CITY, Jan. 05 (PIA) -- Expect more oil price hikes this year.

In a national radio interview Tuesday, Department of Energy Undersecretary Jose Layug Jr. hinted that there may be more price hikes this year because of three factors: the tension in the Middle East; the growing economies in Asia, and the recovering economy of the United States.

An increase in petroleum products greeted the new year.

Oil companies Shell and Eastern Petroleum explained the price hike is due to movements in the international market since December 2011. But it said the price increase will not apply to areas placed under a state of calamity due to tropical storm "Sendong."

Layug said the price hikes implemented on Tuesday morning were within the limits set by the DOE. He explained that the increase was part of a monthly price adjustment due to higher world contract prices.

DOE plans to continue its study for price adjustment and opening of books of oil companies so as not to put much burden to the transport group, he added.

Layug said, however, that liquefied petroleum gas dealers accommodated the DOE's request in December last year to hold off or at least temper price adjustments.

Benny Aquino, president of the Alliance of United Transport Operators and Drivers of Pangasinan (AUTOPRO-Pangasinan) said that if oil companies implement another price hike, the transport sector is not the only group that will suffer but the entire community as well because of the so- called domino effect.

“Pag tumaas ang presyo ng langis, lahat tataas, lahat maapektuhan,”(If the price of oil increases, everything will also increase and everything will be affected), he said.

He said however that transport strike is not in their plans as of now.

The AUTOPRO group is now waiting for the result of the petition made by the national Alliance of Concerned Transport Operators (ACTO) to the Land Transportation and Regulatory Franchising Board (LTFRB) for fare increases, which the government promised to approve after a thorough review. (JCR/VHS-PIA 1 Pangasinan)

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