Local oil prices not seen to rise until next week - DOE

Oil firms should not use the fresh rise of international oil prices to near-$100 per barrel level as an excuse to pull off a new round of hikes in local pump prices at least for this weekend, Energy Sec. Angelo Reyes said Friday. In a radio interview, Reyes said the effects of the latest round of world oil price hikes should not be felt in the Philippines until Tuesday at the earliest, in what may be construed as a signal to local oil firms who are already planning to reflect the rise of international oil prices. "Kailangan maghintay tayo ng apat na araw. Over the weekend, maski Tuesday hindi pa natin makikita ang epekto niyan (We have to wait four days. We will not see the effects of this price hike during the weekend or until Tuesday)," Reyes said in an interview on dzBB radio. Earlier, the government cited the strengthening exchange rate of the peso as one of its cushions against the effects of high world prices of oil. Reyes also said his department continues to develop alternative sources of energy to wean the country from imported oil. - GMANews.TV