Worldwide Oil Woes Spark Gas Hike Request

January 18, 2008
The National Oil Refinery (RECOPE) has requested another hike in the price of fuel due to record-high oil prices worldwide.
Pending approval by the Public Services Regulatory Authority (ARESEP) the price of regular, super and diesel will go up ¢9.44 ($0.019), ¢10.73 ($0.022) and ¢3.14 ($0.007), respectively.
In a release, RECOPE cited several international factors for the upward pressure on oil prices, including continuing pressure in the Middle East and the growing certainty that the U.S. economy is approaching a recession.
 

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