Global crude oil prices have doubled in the past year and have risen by almost 50% since the start of 2008. On Monday (June 30), prices breached US$143-per-barrel level to settle at a new peak of US$143.67 per barrel in New York trading.
Oil producers blame speculation, growing demand and high taxation of oil products in consumer countries as the reasons for rising oil prices. However, consumers train their sight on tight supplies, the middle-east crisis and "the cartel", i.e., the OPEC (Organization of Petroleum Exporting Countries), as the culprits.
Due to another round of crude price hikes, the Philippines is set to remove tariffs levied on imported oil to help local consumers and businesses cope up with oil-induced inflation.
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