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Fuel Price in 2005
« on: November 21, 2017, 04:11:16 PM »
Public asked to brace for worsening of oil crisis
Cebu City (30 August 2005) -- A Malacañang official asked the public to brace for harsher times ahead since the possibility for gasoline to hit the P50/liter and diesel at P45-47/liter in the next few months is not far from reach.

Sec. Renato S. Velasco, Director General of the Philippine Information Agency (PIA), said world prices of fuel soaring to records high and currently pegged at US$70/barrel may increase by October or November due to the demand of countries like the US for their winter season needs. Countries enjoying four seasons use higher fuel consumption during the winter period for their heaters.

The Philippines on the other hand, is 90-95 percent dependent on imported oil so any increases in the prices of fuel in the global market will have adverse impact and domino effects to our national economy, Velasco told government information officers during its recent annual gathering in Bohol.

Velasco said the emerging oil crisis is far worse than the political crisis facing the nation. He then told the info officers from regional line agencies and local government units in Central Visayas to help the national government make the people understand that the oil crisis is not brought about by any government program or policy. Velasco made the appeal amid fears that government may be blamed on the oil situation.


Factors to the oil crisis

The law of supply and demand dictates the prices of oil and various commodities, Velasco explained and cited the intense population growth of China and India as key examples.

For the past five years, China has been consuming 1M barrels of oil everyday compared to the Philippines that only utilizes 125M barrels a year. Because of this rising demand, the oil reserves of 2.5B barrels have been depleted to 1.7-1.5B barrels, Velasco declared.

Another factor cited is the continuing unrest in the Middle East and other oil producing nations like Venezuela and Norway. With their instability, oil production has suffered and with the low supply enters speculations that could trigger hikes in pump prices.

The third factor mentioned is the higher consumption demand of cold countries during the winter period.

Velasco bared President Arroyo's bold initiatives to address the oil crisis included AO 126 mandating all branches of government including LGUs to cut fuel consumption by 10 percent on top of the order to decrease fuel and power use by 10 percent under AO 103 or the austerity measures.

The austerity program has earned P300 M savings for the government in two months in April and May, this year during the implementation of the four-day workweek, Velasco stressed.

The long-term solution in addressing the aggravating oil problem is the development of alternative sources of energy. (PIA-7)

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