Oil

SINGAPORE: There is a “strong potential” that persistently high oil prices could derail the global economic recovery, the International Energy Agency (IEA) chief economist warned Tuesday.

MANILA, Philippines –  President Aquino yesterday deferred the implementation of fuel subsidy for farmers and fisherfolk, citing the lack of inventory on their real numbers.

OIL prices fell to near $97 a barrel Tuesday in Asia, extending a two-week fall amid investor concern slowing US economic growth could undermine demand for crude.

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WITH battles raging in various parts of the oil rich Middle East as internal power struggles intensify and spread, countries around the world are making urgent assessments of how all this would affect the price of oil – the all important lubricant for the global economy.

Lawmakers yesterday renewed their call for House Speaker Feliciano Belmonte to reconsider his position not to repeal or amend Republic Act (RA) No. 8479 or the Oil Deregulation Law (Downstream Oil Industry Deregulation Act of 1998).

An administration ally in the Senate yesterday twitted President Aquino’s call on oil companies to open their financial records to public scrutiny as well as planned moves to “freeze” fuel price increases, saying there is no existing law to hold these com-panies liable for “overpricing” pet-roleum products.

THE three oil companies avoided paying P10.5 billion in excise taxes in 2010 by offsetting their tax liabilities using the tax credits of the garment industry, which they had bought at a discount of as much as 50 percent, the hearings of the Senate and House oversight committee on tax reform program have revealed.

MANILA, Philippines –  Speaker Feliciano Belmonte Jr. yesterday expressed opposition to proposals for the repeal of the Oil Deregulation Law. “I think we went through a long process of finally deregulating the industry, and that was the right move. Scrapping it or changing it from deregulation to regulation is something that requires a lot of…

MANILA, Philippines –  Two lawmakers from Mindanao yesterday filed a bill that would compel oil companies to reveal their pricing formula.

For failing to file appropriate charges against oil companies which have alleged to have overpriced their products, Energy Secretary Jose Almendras took a beating from lawmakers yesterday.

MANILA, Philippines – Oil firms should roll back pump prices this week or be haled to court for overpricing after they unduly increased fuel prices by an average of 40 centavos per liter, Energy Secretary Jose Almendras said yesterday.

Amid the unabated rise in the process of oil and other petroleum products, legislators yesterday urged Malacañang to look into the possibility of reducing the P4.35 per liter excise tax on gasoline as a way of cushioning the effects of the soaring gasoline prices used by tricycles, taxi cabs, farm equipment and fishing boats.

The Department of Energy (DoE) demanded that oil companies roll back fuel prices citing its computations make the increase in oil product prices of as much as 70 centavos per liter just before the Lenten break unwarranted. Energy Secretary Jose Rene Almendras threatens to sue two oil companies which he did not identify for supposedly…

DAVAO CITY, Philippines    – President Aquino has ordered a review of all oil price increases amid the rising prices of commodities.

MANILA, Philippines – The government may resort to an “extreme legal measure” to cushion the effects of steadily rising oil prices – the issuance of an executive order banning further hikes, Justice Secretary Leila de Lima said yesterday.

MANILA, Philippines–The Department of Energy (DoE) is asking oil companies that raised pump prices for the umpteenth time to explain why the latest round of increases was higher than computations showed.

SKYROCKETING OIL PRICES FUEL DISCONTENT Noise barrage and massive protest actions, which used to be the pursuit of President Aquino and his allies to gain attention, will now be trained on Aquino himself and the mass actions are expected to build up until Labor Day on May 1 when a massive rally is planned to…

MANILA, Philippines – The government may earn up to P70 billion from the value-added tax (VAT) on oil this year because of higher crude prices, according to estimates from the Department of Finance (DOF).

MANILA, Philippines –  Following persistent requests for a similar government subsidy, Agriculture Secretary Proceso Alcala yesterday disclosed that farmers and fisherfolk have been included in the fuel subsidy program.

CONSUMERS may have to brace for another round of oil price increases this week, which could bring the price of gasoline close to P60 a liter in Metro Manila after world oil prices soared above $111 a barrel on Friday.

The measures being taken by President Aquino to address rising prices have short-term effects and may even encourage corrupt practices, according to noted economist University of the Philippines (UP) professor Benjamin Diokno.

With his survey ratings fast declining, President Aquino yesterday launched a major offensive to earn brownie points through a directive to his economic team to study populist measures such as a wage increase for private sector employees, a reduction of value added tax (VAT) on oil, and the imposition of price controls on basic commodities…

MANILA, Philippines – President Aquino rejected yesterday proposals by his party-mates in the Liberal Party (LP) to reduce the value-added tax (VAT) on oil.

VARIOUS transport organizations on Friday expressed disappointment over the move of President Benigno Aquino 3rd to grant public utility jeepneys and tricycles fuel subsidy for at least one month, saying that the move was useless, unfair and just part of the government’s divide-and-rule tactics on their sector. A few lawmakers said that President Aquino must…

THE Energy Department on Thursday said it will more strictly enforce the energy conservation measures set in place by the previous administration to cut power and fuel consumption in government agencies by 10 percent.

P500M eyed for jeepneys, tricycles TO cushion the impact of rising oil prices on the public, President Benigno Aquino 3rd on Thursday said that he had approved in principle the executive order that grants fuel subsidy to selected public utility vehicles for a period of one month.

A one-month fuel subsidy to public transport franchisers has been approved in principle, President Aquino said yesterday, as part of his government’s initial response to the continuous rounds of oil price hikes in the country owing to the still unabated political crises confronting the Middle East.

IF it still has escaped your attention, the prices of oil products have already risen 10 times this year. Diesel prices have increased by P7.95 per liter in less than only three months. Kerosene and gasoline rose by an average of P7.30 and P5.30 per liter respectively within the same time period. The recent price…

MANILA, Philippines –  Amid successive increases in fuel prices, the country’s three biggest oil firms are not yet off the hook from the bid of a civil society group to have their books of accounts opened for government examination in connection with allegations of predatory pricing and cartelization.