A lot has happened in 2006 that set an almost record price in sweet crude per barrel which affected largely the domestic price of fuel in the Philippines (Hurricane fears in the Gulf of Mexico, Iran Nuclear Development, Rebels attacking Nigerian Oil etc). At the end of the year the price of fuel started going down to start of year levels, but with the implementation of the 12% Value Added Tax on pump prices in February, the final average still ended slightly higher.
The fears of OPEC oil price cuts due to over production still hang in the air though.
What I hope to see for 2007 are the implementation of the Biofuels bill with it’s mandatory mixing of biofuels, development of Biodiesel and Ethanol plants as well as public vehicles running on Philippine extracted natural gas.
Source here
