The United States may announce today a loan of its emergency crude oil reserves as part of an agreement with major Asian energy consumers. The so-called "swap" of the U.S. Strategic Petroleum Reserve (SPR)" is expected to be announced in a coordinated action among several countries. The measure aims to reduce the prices of...
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Fuel price hike was to avoid collapse, says Max Tonela
Minister of Mineral Resources and Energy, Max Tonela, said Monday that the government decided on a fuel price increase to continue to have supply, as importers and distributors in the sector were operating at a loss. "The level of loss was so high that some of the companies were going into debt with the...