Oil

MANILA, Philippines – Lawmakers warned big oil companies yesterday against “blackmailing” consumers by creating a supply shortage, saying they could face sanctions including government takeover.

The different oil companies registered an estimated P20 billion in profits last year led by Petron with P6 billion. In previous years, they even doubled their profits in one year. That’s just too much.

SINGAPORE – Oil prices lingered below $79 a barrel Tuesday in Asia after three days of losses as investors eyed a volatile US dollar.

Executives warn of ramifications, supply shortage The government warned that it would not hesitate to file charges against oil companies if they failed to comply with Executive Order 839 that rolls back pump prices in calamity areas to October 15 levels. In a radio interview on Monday, Executive Secretary Eduardo Ermita said that the Department…

Energy Secretary Angelo Reyes has ruled that the recent oil price increases have been reflective of world market trends.

MANILA, Philippines – Public transport groups condemned yesterday the latest increase in the pump prices of gasoline and other petroleum products.

MANILA, Philippines – The House committee on energy is studying possible amendments to the 1998 Oil Deregulation Law that would allow the government to “manage” pump prices in times of calamity.

PARIS, Oct 09, 2009 (AFP) – Oil demand is firming but the global market is still weak, riven by doubts over how a groggy recovery from the global crisis will affect energy consumption next year, the IEA said on Friday.

MANILA, Philippines – Petron Corp. chairman Ramon Ang said the government should strengthen efforts to curb oil smuggling, claiming oil smugglers are now controlling 30 to 35 percent of the petroleum industry.

THE Oil Deregulation Law was responsible for “opening the floodgates” of oil smuggling in the country,” Petron Corp. said.

MANILA, Philippines – Former socioeconomic planning secretary Ralph Recto appeared yesterday before a court to reaffirm an earlier pronouncement that oil products are overpriced by as much as P8 per liter.

MANILA, Philippines—Oil refiner and retailer Petron Corp. has warned that the current ethanol-blended gasoline (E-10) could damage car engines and urged the Department of Energy to come up with clearer specifications for the fuel blend.

DESPITE mounting calls for regulation of the retail petroleum sector, Energy Secretary Angelo Reyes stood behind the law giving oil companies a free hand in setting fuel prices.In a statement, the Department of Energy (DOE) said Republic Act 8479, or the Downstream Oil Deregulation Act of 1998 is working for the country and that the…

AN official of the National Economic and Development Authority yesterday said fuel products were overpriced by P2.30 a liter, and not P8 a liter as claimed by the agency’s former chief, Ralph Recto.

Director-General Ralph Recto last week triggered much speculation that there must be more than meets the eye behind his unexpected and sudden departure from the Arroyo Cabinet. While he publicly explains that he has decided to leave to explore his political options for next year, the natural object of people’s suspicion has been the recent…

THE Department of Energy and an industry lobby group are moving for a review of the law that has given oil firms a free reign in dictating prices at the pump.

MANILA, Philippines – A leading consumer advocacy group yesterday proposed a return to a regulated oil industry to keep domestic oil prices in check.

MANILA, Philippines – The Supreme Court (SC) stopped yesterday a Manila court from implementing an order to audit the books of the country’s three biggest oil firms.

House energy committee chairman and Pampanga Rep. Juan Miguel “Mikey” Arroyo yesterday urged the Bureau of Internal Revenue (BIR), Bureau of Customs (BoC) and the Commission on Audit (CoA) to immediately open the books of accounts of the “Big Three” oil industry players and start their no-nonsense court-mandated order.

With major oil firms again slashing the prices of their fuel products by token 25 centavos per liter, Energy Secretary Angelo Reyes yesterday tossed to Congress the issue of whether or not to have a fuel subsidy program that would enable the government to regulate the local petroleum market.

MANILA, Philippines – The Department of Justice (DOJ) and Department of Energy (DOE) task force wants to determine if oil companies could be held criminally liable for not reflecting true oil prices.

Normally oblivious to public criticisms about pump prices, local players in the oil industry and Department of Energy appeared stung by a small player’s promotion of “big-time” rollbacks at the expense of its competitors.

MANILA, Philippines – Unioil Petroleum Philippines Inc. announced yesterday “real big time” price cuts of P4.75 per liter for gasoline, P3.50 for diesel and P1.50 for kerosene.

THE National Economic and Development Authority (NEDA) on Wednesday warned that “expensive” oil prices would push consumer prices higher, which would further burden the country that is already on the brink of a recession.

MANILA, Philippines – The Department of Energy (DOE) has forwarded the financial statements of the oil companies to the National Economic and Development Authority (NEDA) for audit, the country’s energy czar said over the weekend.

Reyes, Recto meeting on fuel pricing ends in deadlock The government said private audit  firms could do the examination on the books of oil companies to make their pricing more transparent. Presidential spokesman for economic matters Gary Olivar said Solicitor General Agnes Devanadera already gave an explanation why she opposed an impending audit by government…

MANILA, Philippines – Talks between the Department of Energy and the National Economic and Development Authority (NEDA) on the alleged overpricing of oil companies ended at a “deadlock.”

PERTH, May 29 (Reuters) – Oil rose to a new six-month high above $65 a barrel on Friday, on track for its largest monthly percentage gain in more than a decade, after government data showed a surprisingly sharp drop in U.S. crude inventories and OPEC left output steady.

Only Solicitor General Agnes Devanadera can explain what prompted her to file a motion to stop a court order for the government to proceed with an audit of the books of the country’s “Big Three” oil companies after Malacañang said yesterday it did not sanction the move.

The provincial government of Cebu yesterday slapped a complaint against the so-called “Big Three” oil companies with the Department of Justice (DoJ)-Department of Energy (DoE) joint task force and at the same time sought an investigation into the firms’ pricing of their petroleum products in the province after the provincial government allegedly found out that…