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BY: ROEYNA MAY FAMISARAN
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ILOILO City – The recent dollar increase has a lot of effects in the country. This includes its influence in the local oil industry.
Ray Delfin, an expert in the oil industry, said the increase in dollar can also increase the prices of oil in the Philippines. This is because oil companies use dollars to import gas.
“If you look at it … dollar imo ibakal. So if you’re importing 1.5 million with only a local production of 40,000, so meaning you have to pay for it in dollars,” he said. “You have to purchase the dollar which is mahal … Importers will need more pesos to buy the required volume.”
At 6 a.m. on Tuesday, oil companies increased their prices of gasoline, diesel and kerosene. Gasoline price increased by P1.50 per liter, diesel by P1.20 per liter, and kerosene by P1.40 per liter.
Meanwhile, the dollar hit the 50:$1 level on Nov. 24, but is now slowly recovering after a rough week, according to Hernan Segovia, a local stock expert.
Segovia added that despite the uncertainty, he hopes that the Philippine stock market will be able to recover to 7,000 points before the end of the year./PN
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