Oil prices up for 9th straight week

Robie de Guzman   •   October 25, 2021   •   207

MANILA, Philippines – Local pump prices of petroleum products will go up anew this week, oil firms announced on Monday.

In separate advisories, Pilipinas Shell Petroleum Corp. Chevron Philippines Inc. (Caltex), Seaoil Philippines Inc., and PTT Philippines said they will increase prices per liter of gasoline by P1.15, diesel by P0.45, and kerosene by P0.55.

Cleanfuel and Petro Gazz will also implement the same price adjustments, excluding kerosene.

The new round of oil price hike will take effect on Tuesday, Oct. 26.

Other oil companies have yet to make similar announcements.

This is the ninth straight week of oil price adjustment.

The Department of Energy (DOE) earlier said that the prolonged oil price spike is due to continuing rise in world market prices resulting from the sudden global increase in demand and an unanticipated lack of supply.

The DOE added that the increase in demand and prices is attributed to the following:

  • The surge of economic activities due to the containment of COVID-19 as a result of measures adopted and implemented worldwide (i.e. mass vaccination, control of the Delta and other variants, Europe’s “no-lockdown” policy, and China’s economic boost). This led to a sudden demand in energy utilization, including the demand on oil products in the transportation sector like gasoline and diesel;
  • The stocking of petroleum products’ inventories as winter approaches to cover demand from October this year to March of next year, with stocking expected until February 2021;

 

  • Slowed production due to the current global direction of sourcing energy from low-carbon emitting sources. This has limited the optimum level of production, causing the halt and event withdrawal of investments in the development and expansion of the fossil fuel industry;

 

  • International sanctions to oil-producing countries like Iran and Venezuela that stopped the drilling of oil companies and the buying of oil products from these countries;

 

  • Hurricane Ida a category 4 storm that hit the US gulf coast on August 29 had caused an estimated loss of US crude oil production by as much as 30 million barrels.

The DOE said that the Organization of Petroleum Exporting Countries (OPEC) will meet on November 4 to discuss and reassess the situation.

TAGS   

House panel tackles proposed measures vs fuel excise tax

Maris Federez   •   November 8, 2021

MANILA, Philippines — The House Committee on Ways and Means put the proposal to suspend the imposition of additional excise taxes on fuel as the first order of business ahead of the resumption of Congress on Monday (November 8).

House Speaker Lord Allan Velasco said part of the agenda in the resumption of sessions in Congress is the prioritization of measures that will support the reopening of the economy amid the pandemic, following the series of price hikes on petroleum products.

The agenda includes the ratification of the 2022 national budget and the issue of fuel excise taxes.

Velasco said that while the country prepares for an expansive reopening of businesses, authorities must ensure that economic recovery is not impeded by other factors such as the price increases of petroleum products.

“As we prepare for the wider reopening of businesses, we must ensure that our economic recovery will not be hampered by unwelcome disruptions, such as the unimpeded sharp rise in the cost of fuel,” Velasco said.

The House panel is expected to come up with a substitute bill within the week that will guarantee an imposition of taxes on fuel products.

Excise taxes are provided for by law under the Tax Reform for Acceleration and Inclusion (TRAIN) law. —/mbmf (from the report of UNTV Correspondent Nel Maribojoc)

Presyo ng mga produktong petrolyo, muling tumaas

Maris Federez   •   October 26, 2021

MANILA, Philippines — Muli na namang nagpatupad ng oil price hike ang mga kumpanya ng langis ngayong Martes (Oktubre 26).

Epektibo alas dose uno ng madaling araw, unang nagdagdag ng P1.15 sa presyo ng kada litro ng gasolina ang Caltex.

Itinaas naman nito ng P0.45 naman ang presyo ng kada litro ng diesel, at P0.55 naman sa kerosene.

Sunod na nagpatupad ng kaparehong dagdag-presyo sa gasoline, diesel at kerosene ang Shell, Petron, Seaoil at Flying V alas sais ng umaga ngayong araw.

Ang Unioil, Phoenix Petroleum, PTT Philippines, Petrogazz at Total Philippines naman ay nagpatupad din ng P1.15  na pagtaas ng presyo sa kada litro ng gasolina at P0.45 sa kada litro ng diesel.

Ang Cleanfuel naman ay magpapatupad din ng kaparehong dagdag-presyo sa gasolina at diesel simula alas kwatro uno ng hapon.

Ito na ang ika-siyam na sunod na linggo na nagpatupad ng price increase ang mga kumpanya ng langis sa bansa. —/mbmf

TAGS   

House panel supports DOE’s appeal to amend oil deregulation law

Maris Federez   •   October 25, 2021

MANILA, Philippines — The House Committee on Energy supports the suggestion of the Department of Energy (DOE) to amend the oil deregulation law.

The DOE believes that amending the law is the only solution to curb the consecutive increases in the price of petroleum products.

The panel also wants the government to closely look into the reasons for the price hikes being implemented by oil companies.

It also wants the government to be given the power to solve such price hikes.

House Committee on Energy chairman Representative Juan Miguel Macapagal Arroyo said oil companies should not use the oil deregulation law as a blanket authority to increase the price of their products at the expense of the consumers.

“I welcome the proposal of the DOE to amend the Oil Deregulation Law after oil prices escalated over the past eight weeks. As chairman of the House Committee on Energy, I have long pushed for a special mechanism to prevent overpricing in emergency situations,” Arroyo said.

“The Oil Deregulation Law does not give oil companies blanket authority to take advantage of consumers,” he added.

Bayan Muna Partylist Representative Carlos Zarate, meanwhile, urged the DOE to support House Bill 4711 which aims to amend the said law.

“We now challenge Department of Energy Sec. Alfonso Cusi to ask Pres. Duterte to certify House Bill 4711 to again regulate the downstream oil industry as well as the unbundling of oil prices that we called to be done since 2018,” Zarate said.

In an interview, Cusi said that he had already written the Department of Finance to suspend the imposition of the excise tax on petroleum products.

The House panel said it will set a hearing on the said amendment and would invite representatives from the DOE and the DOF. —/mbmf (from the report of UNTV Correspondent Nel Maribojoc)

REACH US

The Philippine Broadcast Hub

UNTV, 915 Barangay Philam,

EDSA, Quezon City M.M. 1104

(+632) 8396-8688 (Tel)

info@untv-newsandrescue.com (General inquiries)

ABOUT UNTV

UNTV is a major TV broadcast network with 24-hour programming. An Ultra High Frequency station with strong brand content that appeal to everyone, UNTV is one of the most trusted and successful Philippine networks that guarantees wholesome and quality viewing experience.