No pump price hike this week, says energy chief

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THERE will be no increase in oil prices this week, Energy Secretary Felix William Fuentebella said on Monday.

“Asian gasoline market continued to soften with future spreads and cracks on a downtrend,” Fuentebella said, citing data from the US Energy Information Administration on the decline of US gasoline stocks due to the problematic weather in the country and in Mexico.

In a text message, Fuentebella said there were also concerns raised that Hurricane “Irma” may impact America’s oil demand. JORDEENE LAGARE

 

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