Meanwhile, the cost of gasoline and kerosene will also rise by P0.80 per liter.
(Photo from Taguig.com)
Asst. Director Rodela Romero of the Department of Energy-Oil Industry Bureau stated that the reason for this surge is the lower oil production last December. Also contributing to the increase is the currently thriving economy of the United States, which is consuming larger amounts of oil.
(Photo from Taguig.com)
It is also anticipated that China's economic stimulus package will fuel the demand for oil in Asia.
