Inq7.net: Oil prices seen going up further
“Soaring prices in the international market could be attributed to the continued threat of terrorist attacks on oil installations in the Middle East, particularly in Iraq, and the high demand for fuel in the United States brought by the summer driving season.”
Abigail L. Ho
Inquirer News Service
Posted 1 August 04
PUMP prices of petroleum products can still go up in the next several weeks, with or without an increase in import tariffs or excise taxes.
The Independent Philippine Petroleum Companies Association — which groups “new players” in the industry dominated by the Big Three companies Petron Corp., Pilipinas Shell Petroleum Corp. and Caltex Philippines Inc. — said the new players, which are all importers of finished products, still had to recover costs of 0.78 peso a liter for unleaded gasoline and as much as 3.81 pesos a liter for diesel. As this was the case, pump prices had nowhere to go but up, the group said.