00:00In the meantime, following the oil price hike this third week of November, the Department of Energy, or DOE, provides several factors of the continuous increase in oil prices.
00:10The DOE cited global factors for the increase, including the latest U.S. sanctions against Russia, Russian-Ukraine conflict, and decrease on additional supply from OPEC+.
00:22DOE Director Reno Abad of the Oil Industry Management Bureau also clarified that the National Calamity Declaration only covers household LPG and kerosene, not gasoline and diesel.
00:35Abad noted that the price increase for gasoline and diesel took effect after the expiration of voluntary no-hike period from November 11 to the 17th.
00:44He also expressed gratitude to the private sector for non-stop offering of discounts, particularly to public utility vehicles, and added that the government's fuel subsidy program is being implemented by the LTFRB and the Department of Agriculture, not the DOE.
