For the 14th time this year, Filipino consumers will have to agonize over massive cost hikes at petroleum pumps due to surging oil prices in the international market. READ:
For the 14th time this year, Filipino consumers will have to agonize over massive cost hikes at petroleum pumps due to surging oil prices in the international market.
The oil firms are scheduled to implement the price increases on Tuesday, April 26, in line with the routine that the deregulated downstream oil industry has already been enforcing for the domestic market. The pledge of the IEA countries is for the withdrawal of 60 million barrels from their oil stockpiles over six months. Currently, Japan is taking a prime role by committing 15 million barrels of stock draw from its petroleum reserve.
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