Oil prices seen to spike again next week

admin   •   September 28, 2018   •   2505

 

A price hike on petroleum products will likely strike again next week.

There will be an estimated per liter increase of P 1.00 for  gasoline;P1.34 on diesel and P1.09 for kerosene.

However, the data may possibly change in the coming days.

Department of Energy (DOE) said the price surge is caused by the current tension between the United States and Iran.

“Patuloy pa rin naman ang pagmomonitor ng Department of Energy sa kalakalan sa international market para makita natin na yung nangyayaring adjustment dito or development ay dala lamang ng international development,” said Oil Management Bureau Asst. Director Del Romero.

 

DOE: Electricity bill during ECQ can be paid in staggered payments

Aileen Cerrudo   •   April 27, 2020

The Department of Energy (DOE) said customers can pay their electricity bill by installments during the months under the enhanced community quarantine (ECQ).

Based on the advisory released by the Energy Department, electric bills with due dates from March 15 can pay in installments for four months once the ECQ is lifted.

“Binigyan po natin sila ng panahon para bayaran (We gave them time to pay [the bills]) after the ECQ in four equal installments,” according to DOE Sec. Alfonso Cusi.

There will also be no additional fees for the consumers. According to Cusi, this is to ensure that consumers affected by the coronavirus disease (COVID-19) pandemic won’t have difficulty in paying their bills.

“Para sa ganoon po naman, medyo hindi magipit ang ating mga kababayan sa pagbabayad nitong mga nakonsumong kuryente sa kanilang mga bahay-bahay po, (This is to not burden our fellowmen in paying the electricity they consumed in their homes)AAC (with reports from Vincent Arboleda)

Big time oil price cut set for March 24

Robie de Guzman   •   March 23, 2020

MANILA, Philippines – Oil companies on Monday announced another round of fuel price rollback to reflect the adjustments in the international oil market.

In separate advisories, Petron Corporation, Chevron Philippines Inc. (Caltex), and Flying V said they will slash the prices of gasoline and kerosene by P3.50 per liter, and diesel by P2.00.

PTT Philippines and Seaoil also announced the implementation of the same amount of price rollbacks.

The fuel price decrease will take effect on March 24, Tuesday.

This is the second week that oil firms implemented hefty price cuts.

The drop in local pump prices was triggered by the decline of prices in the world market.

DOE urged to create body to monitor new round of fuel tax hikes

Robie de Guzman   •   January 2, 2020

MANILA, Philippines – Senator Sherwin Gatchalian has called on the Department of Energy (DOE) to create a task force that will closely monitor the implementation of the new round of increases in excise tax on fuel.

Gatchalian made the call as the third and last tranche of tax hikes on petroleum products under the Tax Reform for Acceleration and Inclusion (TRAIN) law took effect on Wednesday, January 1, 2020.

He said that under the TRAIN Law, the estimated rate impact on pump price for unleaded premium gasoline would be around ₱1.01 per liter, while the estimated rate impact of the third tranche of the excise tax on diesel price is ₱1.65 per liter.

For 100 percent coal contracted power distribution utilities, the estimated rate impact is around ₱0.03 per kilowatt hour.

The senator said the creation of the task force is aimed to protect consumers from premature price increases and profiteering.

“Kailangan paigtinging mabuti ng Department of Energy (DOE) ang pagbabantay laban sa hoarding at profiteering sa bansa ngayong nakaamba ang dagdag na excise tax sa huling pagkakataon,” Gatchalian said in a statement.

“Huwag na nating hayaan ang ilang mapagsamantalang retailers na ibenta sa mataas na halaga ang kanilang mga lumang imbentaryong produkto, gayong nabili nila ito bago pa man maimplementa ang third tranche ng excise tax sa fuel,” he added.

Gatchalian noted that local oil companies maintain a minimum inventory equivalent to 15-day supply of petroleum products as provided under DOE’s Department Circular No. 2003-01-001 or the Implementing Guidelines for the Minimum Inventory Requirements of Petroleum of Oil Companies and Bulk Suppliers.

The DOE earlier said the new round of fuel tax hikes are only applicable to new stocks imported beginning January 1, 2020. It also advised oil firms to deplete old stocks before implementing new price schemes reflecting the new levies.

Gatchalian also called on the Department of Trade and Industry (DTI) to monitor the prices of goods in the market in order to ensure that unscrupulous businessmen will not take advantage and pass on the impact of higher oil prices to consumers as a result of the third tranche of the TRAIN law implementation.

“Mabigat na sa bulsa ng bawat isa ang pagpataw ng excise tax sa krudo. Sana naman ay huwag na natin dagdagan ang pasanin ng taong bayan sa pamamagitan ng hindi makatarungang pagtaas ng presyo ng mga pangunahing bilihin,” he said.

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