DOE fears pump prices may rise further

Posted at 09/18/12 6:10 PM

MANILA, Philippines - The Department of Energy (DOE) expressed concern that oil prices will further go up with geopolitical tensions rising again in the Middle East.

"I am worried (about Middle East tension), we don't know what can happen. The bigger worry is a bigger spike in prices will exacerbate economic challenges of US and Europe. This is not the time for high energy prices," Energy Secretary Jose Rene Almendras said.

On Tuesday, oil firms implemented another round of price adjustments. The price of gasoline products went up by P0.95/liter, but diesel prices went down by P0.25/liter.