DOE: Prices of Gasoline, Kerosene in Region 7 Will Remain Unstable

● ‘As long as political crisis continues in Middle East countries, prices of oil will remain unstable’.

Oil prices in the country will remain unstable as long as insurgencies continue to bring havoc in the Middle East (ME) countries, Regional Director Antonio Labios of the Department of Energy (DOE) 7 said on Wednesday.

Labios, who was in Cebu City yesterday, said that in region 7 alone, prices of diesel, gasoline, and kerosene are unstable.

“We could picture out the general status of our oil sources”, he said.

According to Labios, the Philippines has no oil products of its own and solely depends on the ME oil supply.

“So whatever the general pricing demand of the world market we have to go and abide for it” he said. Labios said the motor vehicle trend every year shows a tremendous increase in number and every vehicle requires oil products for its consumption, so the only alternative for its survival is the oil produce in the ME.

But due to the political crisis which are happening now in almost all ME countries , oil dealers will face a setback that would effect a price increase.

“Delivery of this commodity from the oil processing plant to its qualified dealer will suffer the setback and so do with its prices”, Labios said.

Asked if there is a possibility for a roll back on oil price to at least two to three years level or from 2010-2012 oil price adjustment, Labios said it is impossible.

“It is impossible and the most possible thing is to let it increase due to the strong demands of oil products the whole world needs,” Labios said.