Oil price rollback set next week

Aileen Cerrudo   •   August 9, 2019   •   525

Oil companies are set to implement an oil price rollback starting next week.

According to industry players, there will be a possible P1.20 per liter rollback in diesel prices while P0.50 per liter rollback in gasoline prices.

The rollback is due to the fuel price movement in the world market.

Meanwhile, on Wednesday (Aug 7) prices of auto LPG also dropped by P1.00 per liter.—AAC (with reports from Mon Jocson)

Oil companies see possible big time oil price hike next week

Aileen Cerrudo   •   September 20, 2019

The estimated oil price hike may increase by over P2 per liter, bringing the price of diesel to P1.80/liter from P1.60; and gasoline to P2.30/liter from P2.10.

Meanwhile Albay Rep. Joey Salceda calls on oil companies not to exploit the attacks on Saudi Arabia just to increase oil prices in the country.

On Wednesday (September 18), Salceda said oil companies should justify any oil price increase.

“I think they have to prove to the public that they bought oil at those prices. They are taking advantage of this predisposition toward panic,” he said.

Meanwhile, The Department of Energy (DOE) has assured there is enough oil supply in the country which will still last up to 30 days.

The Energy Department is also prepared to recommend the suspension of excise tax in oil due to the incident.—AAC (with reports from Mon Jocson)

MRT: No additional trains during ‘ber’ months

Aileen Cerrudo   •   September 19, 2019

The Metro Rail Transit (MRT-3) has announced there will be no additional trains that will operate for the ‘ber’ months despite the influx of passengers during holiday season.

According to the management, the three Dalian trains that already passed the test run will still not be allowed to operate.

MRT-3 Director Engr. Michael Capati said they are still finalizing talks regarding the trains.

“We are doing our best to make sure na ma-insert ang Dalian, the soonest possible time hopefully this month. I believe mayroon nang communications doon. (We are doing our best to insert the Dalian [trains], the soonest possible time hopefully this month. I believe there are already communications on the matter)” he said.

There are currently 13 to 15 trains operating everyday. There is a 7-minute interval and the trains run at 30 kilometers per hour.

The MRT management also aims for additional operating hours in the coming ‘ber’ months. Rail replacement will also be conducted from 11:00 p.m. to 3:00 a.m. to not compromise train operations.

The one-week general maintenance might also be extended next year.

“Pagdating po diyan sa pag-rehab natin ng riles ipe-phasing po namin iyan kasi hindi natin kayang isara ang buong sistema ng kung ilang buwan. (When it comes to rehabilitating the rails, we will put them in phasing because we cannot close down the whole system for several months)” Capati said.—AAC (with reports from Joan Nano)

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

Jeck Deocampo   •   September 16, 2019

Asia market opened lower on Monday (September 16) after weekend attacks on Saudi Arabia’s crude facilities knocked out more than 5% of global oil supply.

Oil prices surged to four-month highs while Wall Street futures fell and safe-haven bets returned. Prices for gold climbing 1% in early Asian trade to $1,503.09.

In Hong Kong, Hang Seng index and China Enterprises Index slipped, and South Korea’s KOSPI (Korea Composite Stock Price Index) opened almost flat.

Analyst fears disruption in oil supply could bring ‘dire’ consequences to the global economy and a repeat of a global recession. (REUTERS)

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