Motorists told to brace selves for weekend oil price hike
By Abigail Kwok
INQUIRER.net
First Posted 10:47:00 07/04/2008
Filed Under: Oil & Gas - Downstream activities
MANILA, Philippines -- Motorists should brace themselves for another oil price hike this weekend, an official for a major oil company said Friday.
Bobby Kanapi, Shell Philippines vice president for communications, said an oil price hike this weekend would be “inevitable” because “we are at the mercy of what's happening outside in the world market.”
Although no price has been set for the increase, Kanapi said all major oil companies would be increasing their prices by Saturday.
Kanapi pinned the unabated oil price increases to the rising prices of oil in the world market.
“Since we're importing 95% of our oil requirement, Yung nangyayari sa labas [What’s happening outside] affects us here,” he said.
But Kanapi said they would maintain an open communication with the government and the transport groups to provide mitigating measures on the continuous oil price hike.
“We are offering scholarships to transport groups, vocational projects,” he said.
Kanapi also advised drivers to conserve energy.
“Plan our trips, proper maintenance of our cars, simple things like that,” he said.
He added that Shell was also in support of biofuel, having put up 55 biofuel stations across Luzon.
Oil companies are expected to set the increase late Friday afternoon.
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