BAGUIO CITY—Gasoline prices in this city soared to P65.95-P67 per liter three weeks ago that could not be justified by the cost of transporting supplies from refineries in Bataan and La Union provinces, the Department of Energy (DOE) confirmed here on Thursday. According to computation by the DOE, 18 centavos is spent per liter to haul fuel from La Union to Baguio, a distance of 68 kilometers. But this would not explain the 13.9-percent markup (P2.75) for fuel sold in this city amid spiraling world oil prices and increased fuel taxes, said Rino Abad, director of the DOE oil management bureau. When asked if the markup was dictated by suppliers, Baguio retailers said they were not in a position to speak for the oil companies. He said 75 percent of these projects must be financed by the government to prevent it from being overburdened with loans.

Source: Philippine Daily Inquirer June 15, 2018 21:33 UTC