Oil price hike takes effect today

admin   •   April 17, 2018   •   8757

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

Oil price rollback looms this week

Aileen Cerrudo   •   September 30, 2019

Oil companies are set to have an oil price rollback this week.

Phoenix Petroleum already implemented an oil price rollback on Sunday (September 29). Their gasoline price went down by P1.55 per liter while diesel was down by P0.50 per liter.

SEAOIL Philippines has also reduced their gasoline price by P1.45/liter, diesel by P0.60/liter, and kerosene by P1.00/liter.

Meanwhile, Petro Gazz and Pilipinas Shell will implement the price rollback on Tuesday (October 1).

Petro Gazz cut prices of gasoline by P1.55/liter and diesel by P 0.50/liter while Pilipinas Shell will cut prices of gasoline by P1.45/liter, diesel by P0.60/liter and kerosene by P1.00/liter.—AAC

Energy dept. assures PHL has enough oil supply after Saudi oil attacks

Robie de Guzman   •   September 18, 2019

MANILA, Philippines – The Department of Energy (DOE) assured that the country has enough oil supply for the coming weeks following the attacks in two large oil production facilities in Saudi Arabia that reduced global supply.

According to DOE Oil Industry and Management Bureau director, Assistant Secretary Rodora Romero, the country’s oil supply remains sufficient to keep the economy running.

Romero also assured the government is monitoring the situation and measures have been prepared to prevent sudden local petroleum price hikes and keep the country from experiencing a possible oil crisis.

“Ang isang paghahanda is ini-ensure namin with the oil companies na compliant sila sa minimum inventory requirement. Ni-revive na rin ulit o binigyan ng instruction ni (DOE) Secretary (Alfonso) Cusi ang Philippine National Oil Company Energy Exploration na talagang maging involved sa importation ng petroleum products,” she said.

Reuters reported that Saturday’s attack on Saudi Arabia’s key oil production facilities has halved the kingdom’s oil output, creating the biggest disruption to global oil supplies in absolute terms since the overthrow of the Iranian Shah in 1979, International Energy Agency data show.

The attacks reduced global supply by 5.7 million barrels per day or equivalent to 5 percent of world crude oil production and sent oil prices soaring, Reuters reported.

Romero said the Philippines only imports 12 percent of oil from Saudi Arabia while the rest comes from the United Arab Emirates.

But should the situation worsen, the energy official said the United States government and members of the Organization of Petroleum-Exporting Countries (OPEC) have pledged to tap into their strategic petroleum reserves to keep the market well supplied.

“In the event na hindi nga maibalik ang sabi ng U.S. maglalabas siya ng supply dun sa kanyang strategic petroleum reserve tapos at the same time yung other OPEC countries rin ang sabi nila sakaling kapusin at di makabalik agad yung 5 million barrels per calendar day ng Saudi Aramco mag-iincrease din ng production ang other OPEC countries,” Romero said.

Despite assurances of enough supply, several local oil companies have warned that the effects of the crude disruption in Saudi Arabia will still be felt in the country in the form of oil price hikes.

Oil firms have estimated that local pump price hikes may jump by P3 per liter.

In case this happens, the DOE said they will meet with local oil companies to ask them to implement the price increase in a staggered basis so as not to further burden motorists. RRD (with details from Correspondent Joan Nano; with a report from Reuters)

DOE prepares for possible effects of Saudi oil site attack

Aileen Cerrudo   •   September 17, 2019

The Department of Energy (DOE) is preparing for the possible impact of the recent Saudi oil attacks on the Philippines’ oil sector.

Based on the Facebook post on Monday (September 17), the DOE said they already held an emergency meeting at their headquarters in Taguig.

According to the energy department they are closely monitoring the situation about the incident and will keep the public informed of any developments.

READ: Analyst fears disruption of Saudi oil supply could bring ‘dire’ consequences

“We are seeking to ensure that the energy family will be sufficiently prepared to face the potential impact of this unfortunate incident, if any, on the country,” their post state.

Reports say the ‘large-scale’ drone attack can disrupt more than 5% of global oil supply.—AAC

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