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DOE attributes oil price hikes to improvements in reopening world economy

Philippines | National

DOE attributes oil price hikes to improvements in reopening world economy

By Joseph Pedrajas

The improvement in terms of economic activities brought by worldwide COVID-19 vaccination drives has prompted the recent oil price hike in the country, an official of the Department of Energy (DOE) explained Wednesday, Oct. 6.

DOE Asec. Gerardo Erquiza said that as the "economy moves," the demand for energy, including gasoline and oil for transportation of goods and products, increases.

"While the demand increases, the supply cannot meet it. And the number 1 supplier of oil, the OPEC (Organization of the Petroleum Exporting Countries)...doesn't increase their supply," Erquiza said in a Laging Handa briefing following the continuous increase of prices of gasoline, diesel and kerosene for the past five consecutive weeks.

Erquiza also said that the limited oil supply of Iran and the huge demand of the U.S., the world's top consumer of oil, also prompted the price hike.

Despite the increased demand for energy, Erquiza assured the public of enough oil supply in the country as Secretary Alfonso Cusi already ordered local oil suppliers to stock enough oil and comply with the inventory set by the DOE.

Related Tags

economy oil Oil price hike increase DOE

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