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Oil price hike takes effect today

by UNTV News   |   Posted on Tuesday, April 17th, 2018

OIL PRICE HIKE: The price increase in gasoline and diesel products takes effect today while the price of kerosene products remains the same.

MANILA, Philippines — Oil price hike on petrol products is now in effect.

Effective 6 a.m. today, Flying V, Petron, Shell and SEAOIL increased their price of gasoline by 35 centavos per liter and 80 centavos for a liter of kerosene.

The same increase takes effect on gasoline and diesel products of Eastern Petroleum, Total, PTT Philippines and Phoenix Petroleum, though their price of kerosene remains the same.

The increase in the price of oil is based on the price of petroleum products in the world market.  — UNTV News & Rescue

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Iraq seeks exemption from U.S. sanctions on Iran, PM says

by UNTV News   |   Posted on Wednesday, December 12th, 2018

Iraq’s Prime Minister-designate Adel Abdul Mahdi | Iraqi Parliament Office/Handout via REUTERS

Iraq will send a delegation to the United States seeking an exemption from sanctions against Iran that would allow it to keep importing Iranian gas, Prime Minister Adel Abdul Mahdi said on Tuesday (December 12).

Washington gave Iraq a 45-day waiver for imports of gas from Iran when it reimposed sanctions on Iran‘s oil sector on Nov. 5. Iraqi officials have said they need around two years to find an alternative source.

Washington is seeking to roll back Iranian influence in the Middle East, including in Iraq, where Iran holds broad sway over politics and trade.

Abdul Mahdi, who assumed office in October after six months of political uncertainty following an inconclusive election, on Tuesday met U.S. Energy Secretary Rick Perry in Baghdad.

Abdul Mahdi’s office said Perry was in Baghdad with a delegation of over 50 business people. — Reuters

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DOE warns increase in fuel prices in coming weeks

by UNTV News   |   Posted on Wednesday, November 28th, 2018

 

 

MANILA, Philippines — World oil prices have tumbled to lowest levels following a rapid seven-week sell-off after the US Intermediate Crude and the International Brent Crude registered a record-high in nearly four years.

Analysts have earlier voiced out concerns that oil producers are churning out more oil than the world needs, weighing down oil prices.

According to the Department of Energy, low oil prices due to feared oversupply are good for fuel importing countries but this poses risks to oil-producing countries like Iran and other nations in the Middle East.

“Maganda in the sense na nagmumura ang presyo ng petroleum products pero kung alam mo naman ang OPEC countries ang kanilang binebenta ay petroleum products so hindi nila pababayaang sumadsad so lagi nilang binabalanse ang merkado para patuloy pa rin ang kanilang business,” said DOE Oil Industry Management Bureau Assistant Director Del Romero.

Fears of oversupply, coupled with the bleak world economic outlook released by the International Monetary Fund for 2018 and 2019, have prompted the organization of the petroleum exporting countries to meet on December 6 to discuss possible production cut.

OPEC has been worried that some of its inventory will not be used due to overproduction.

With the plan to slash production volume, DOE says this might result in higher oil prices in the coming weeks.

“Kapag nangyari ang December 6 na meeting baka makaapekto ‘yun so, hopefully kung makaapekto man, hindi ganun ang pagtaas ulit,” said Romero.

The DOE, meanwhile, assures to continue inspecting gasoline stations that are selling fuel at a very low price, adding that these stations passed the standard quality and quantity test and that the implementation of lower prices is just due to market competition.

“Kung may pagdududa, sabi nga natin may power of choice; bumili ka kung saan talaga kampante ka, alam mo mura na siya at the same time maganda pa yung kalidad pero kung may duda sila sabihin sa Department of Energy para ma-inspect,” said the assistant director.

DOE also notes that the local oil industry is deregulated, meaning oil firms have the liberty to set domestic prices based on the movement of prices in the World Market. — Mon Jocson | UNTV News & Rescue

 

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Oil price cut set for next week

by UNTV News   |   Posted on Friday, November 23rd, 2018

 

MANILA, Philippines — A new oil price rollback on petroleum products is expected to take effect next week.

Based on industry players’ estimation, there will be a P 2.00 per liter price cut on diesel and P1.00 per liter price drop on gasoline.

However, these data may possibly change.

This will be the seventh time rollback on the prices of petroleum products. — UNTV News & Rescue

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