P.M. BRIEFING : Oil Prices Up 29% in Philippines
The Philippine government, citing the effects of the gulf crisis, today announced an average 29% increase in the prices of petroleum products.
Transport drivers said they will stage strikes next week to protest the increase. Bloody coup attempts against President Corazon Aquino followed protests over petroleum price increases in August, 1988, and last December.
Under the new prices, the cost of premium gasoline shot up 25.6% to $1.31 a gallon from $1.04 a gallon. Regular gasoline rose 27.1% to $1.25 a gallon from 99 cents a gallon.
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