Oil prices to go up next week

By Alvin Elchico, ABS-CBN News

Posted at Aug 14 2012 05:32 PM | Updated as of Aug 15 2012 04:17 PM

MANILA, Philippines - While flood-hit areas are exempted from this week's hefty price hike, the Department of Energy said oil companies will still implement an oil price increase next week.

Oil firms increased gasoline by P1.80/liter and diesel by P1.50/liter this week but spared the National Capital Region and some neighboring provinces that were inundated by floods.

According to Energy Secretary Jose Rene Almendras, the deferment of oil price hike by oil companies is itself a sacrifice in foregoing a big portion of their sales.

"Wala silang babawiin kasi foregone revenues na yun... If prices remain flat this week, then they will increase... Kung tataas pa this week (imported prices), patong na naman yun,” Almendras said.

According to Almendras, the DOE has already deployed personnel to check on gas stations’ fuel supply and quality after hearing reports that flood water had seeped through some of the fuel storage in flooded gas stations.

Meanwhile, Almendras reiterated his position that there is no LPG shortage at all. He asked consumers to report to the DOE any retailer who is selling 11kg LPG tanks beyond the P700/tank by calling 02-8402184.

"Utang na loob, hwag kayong bumili dun sa mahal, maghanap kayo dahil meron naman,” he said.