Oil imports down but costs increase

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The Philippines’ net oil imports decreased in volume by eight percent as of end-November last year but cost soared compared to same period in 2004 after sustained increases in international oil prices.

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Aside from the impact of high oil prices which restrains demand, the Department of Energy said that the decrease in consumption could be attributed to the government’s aggressive promotion of alternative fuels program such as coco-biodiesel and ethanol for the transport sector and its mandatory use for government vehicles.

The Visayan Daily Star