Despite the continuous price decrease of oil from the international market, Philippines still encounter oil price hike. December of last up to the month of February 2015, when gas prices successively decrease. It was only last month consumers experience a slightly low-cost crude rate.
According to Philippine Energy Department, the current strikes in the United States and the ongoing maintenance repair on oil plants affected its retail price. "Reflecting the bullish market in the US, Energy Information Administration data released late Wednesday showed that the country's gasoline stocks shrunk 3.1 million barrels, to 240 million barrels in the week ended Feb. 20, much greater than analysts' expectation of 1-million-barrel drawdown. Demand for motor fuel in Asia and East Africa was still relatively steady to slower, as Indonesia - the region's largest gasoline importer - saw steady imports in the first quarter of 2015," the Energy Department explained.
Also, the energy department added the maintenance for some oil refineries is scheduled to start on March. "Refinery maintenance scheduled from March onwards in North Asia is expected to tighten supply a little, but is unlikely to have a big impact if demand wanes."
Meanwhile, in contempt of successive oil price increase last month, a very slight movement of crude price was implemented by different oil companies. Due to this, prices of diesel per liter is cut by 85 centavos, 55 centavos for gasoline and P1.10 per liter of kerosene. Last March 10 a 95 centavos increase for gasoline was decided and 55 centavos per liter for diesel making it equal the price last week.
The Land Transportation Franchising and Regulatory Board (LTFRB) recently issued a memorandum ordering taxi drivers to have a less 10 peso fare rate. LTFRB explained that this is due to the series of oil price rollback last month. Until now, as the crude toll continues to inflate, there's no order to bring the fare back making the progressive groups pissed off.
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