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Saturday, May 6, 2017

High pump prices in Cotabato City hurt motorists

COTABATO CITY – Local motorists have complained over the rising cost of fuel in Cotabato City despite a fall in oil prices recently.
Owners of vehicles, especially drivers of passenger jeeps and tricycle, said the cost of local fuel is expensive by at least 2 pesos per liter compared to neighboring provinces. Mayor Frances Cynthia Sayadi also echoed mounting complaints by motorists on the high prices of petrol.
The mayor said she would look into the rising cost of fuel and would discuss this matter with the Department of Energy (DOE).
Just recently, DOE said the oil prices sustained a descending trend during the last week of April as crude benchmarks dropped by about US$2 per barrel due to lingering oversupply concerns; doubts over OPEC’s (Organization of Petroleum Exporting Countries) ability to reduce global crude inventories; market realization that global oil markets remained oversupplied, despite efforts led by the OPEC and Russia to cut output; and concerns that U.S. shale is coming back too quickly, offsetting the progress made by OPEC.
And effective May 2, most oil companies implemented a decrease in prices of gasoline and diesel by P0.85 and P0.70 per liter, respectively.   Kerosene also decreased by P1.00 per liter. Similarly, cooking gas also decreased by P4.85 per kilo effective May 1. (Rhoderick Beñez)  
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