During the organizational meeting of the Senate committee on energy, Senator Sherwin Gatchalian asked the Department of Energy what the oil price outlook in the next six months would be, noting that it “directly impacts” the cost of fuel in the country.
“On the oil price forecast, we would have to go by the forecast of the Development Budget Coordination Committee — which in the macro-economic forecast is the basis for the budget — and I think if I’m not mistaken, oil prices are on the decline,” Lotilla replied.
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