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MANILA - The recent increases in oil prices will have minimal impact on power rates, Department of Energy (DOE) Assistant Secretary Gerardo Erguiza Jr. said Wednesday. During the Laging Handa briefing, Erguiza said "very few" power plants in the country are fueled by oil. Most of the country's power plants are coal-fired and run by renewable sources. "We do not have a problem (on power rates due to oil price hike) because for other sources like coal and the renewable sources, we don't have (supply) problem," he said in Filipino. Erguiza added the current situation in the oil market is mostly affecting the transport sector. Oil firms on Tuesday hiked pump prices for six consecutive weeks. Year-to-date, price adjustments posted an increase of PHP16.55 per liter for gasoline, PHP15 for diesel, and PHP13 for kerosene. The DOE official said oil price increases in the past weeks were brought by tighter global supply amid rising demand as economic activities peaked

Gerardo erguiza jrDepartment of energyOrganization of petroleum exporting countriesAssistant secretary gerardo erguizaLaging handaPetroleum exporting countriesManila the recent increases in oil prices will have minimal impact on power ratesEpartment of energy doe assistant secretary gerardo erguiza jr said wednesday during the laging handa briefingRguiza said quot very few power plants in the country are fueled by oil most of 39s coal fired and run renewable sources we do not havea problem on rates due to price hike because for other likeE don 39t have supply problemUot he said in filipino erguiza added the current situation oil market is mostly affecting transport sector firms on tuesday hiked pump prices for six consecutive weeks year to dateRice adjustments posted an increase of php16 55 per liter for gasolineHp15 for dieselNd php13 for kerosene the doe official said oil price increases in past weeks were brought by tighter global supply amid rising demand as economic activities peaked during last quarter of year is around 103 million barrels per day bpd but only at 100Hort of 3 million bpd the organization petroleum exporting countries and its allies opec is sticking to plan gradual increase in output 400000 bpd until april 2022 to offset its existing 5 8 million production cuts erguiza said the government is pushing for fuel alternatives in transport sector