DOE chief: Holy Week respite from fuel price hikes possible

Barring any sudden surge in world oil prices, Filipinos may expect at least a respite from the weekly fuel price hikes, the Department of Energy hinted Wednesday. Energy Secretary Jose Rene Almendras said there may even be a slight rollback in fuel prices, if the worldwide price trends so far this week will continue. "Sa first two days ng trend this week medyo maganda, medyo flat at bumaba kaunti. Kung patuloy ito, baka makita natin bumaba ang presyo," Almendras said in an interview on dzBB radio. Earlier this week, militants held protests against the continued rise of fuel prices. In the meantime, Almendras said they continue to monitor world fuel prices and supply, particularly in the areas around Saudi Arabia, one of the world’s major oil suppliers. Almendras said their concerns are centered on the political tensions in the countries around Saudi Arabia, such as Yemen, Oman, Jordan and Bahrain. "The world is concerned with the Saudi Arabian peninsula. There is tension in the countries around Saudi Arabia," he said. Meanwhile, Almendras said the DOE and the Department of Justice have reactivated their task force to monitor oil prices and go after firms that engage in overpricing. He said the DOE-DOJ task force would call the attention of oil firms that may be overpricing their products. “Nag-a-adjust sila. Last year may one to two instances nagpapaliwanag sila sa formula nila, nagpapaliwanag kami sa formula namin," he said. — LBG/RSJ, GMA News