Oil

THE National Economic and Development Authority (NEDA) said it will push for amendments to the decade-old Downstream Oil Industry Deregulation Act of 1998 to shield consumers from “expensive” fuel prices. Socioeconomic Planning Secretary and NEDA Director General Ralph Recto said there is a need to revisit the law to strengthen the Department of Energy’s (DOE)…

PARIS — The International Energy Agency forecast on Thursday a 28-year record annual drop in global oil demand, saying optimism for economic recovery was not yet reviving appetite for the crucial commodity. The agency further trimmed its forecast for 2009, which it estimated at 83.2 million barrels per day (bpd), three percent lower than last…

MANILA, Philippines – Speaker Prospero Nograles vowed “tough action” yesterday against oil smugglers who he said might have deprived the government of P93 billion in potential taxes, a figure which might even be an under-estimation considering the large scale of the smuggling operations.

After having been exposed they have robbed the government of P93.3 billion in taxes from the period 2006-2008, Speaker Prospero Nograles yesterday bared Congress would make a much firmer stand against oil smugglers, saying any form of economic sabotage should be dealt with severe penalty.

The country’s biggest trade group urged both local courts to reconsider their decision ordering the Commission on Audit (CoA) to open the financial books of the three biggest oil companies amid allegations of price fixing.

The Supreme Court (SC) en banc has “denied with finality” the motion for reconsideration of oil companies seeking a reconsideration of the tribunal’s decision ordering oil firms to move out of the Pandacan Oil Depot.

MANILA, Philippines—The country’s two biggest oil firms Wednesday disputed the National Economic Development Authority’s claim that local gasoline is overpriced by P8 per liter.

MANILA, Philippines – Oil firms announced last night they would roll back the prices of gas by P1.50 per liter and diesel by 25 centavos per liter effective today.

MANILA, Philippines – Socioeconomic Planning Secretary Ralph Recto has reiterated that oil companies have been charging roughly P8 more per liter than the estimated gasoline price in the market.

MANILA, Philippines – The Congressional Planning and Budget Department (CPBD), the think-tank of the House of Representatives, said the government should review the Oil Deregulation Law to help curb smuggling in the country.

THE National Economic and Development Authority (NEDA) on Friday said pump prices today should be P32 lower per liter if oil companies purchased crude in February or March.

SINGAPORE: Crude prices continued to decline in Asian trade Tuesday on worries that a global swine flu outbreak would hurt air travel and reduce oil demand, analysts said.

A group the government commissioned to look into allegations of overpriced fuel prices in the country absolved local oil firms yesterday of charges of collusion and profiteering on prices of oil products.

MANILA, Philippines – A Manila court granted yesterday a civil society group’s request for the country’s three largest oil firms – Pilipinas Shell Petroleum Corp., Chevron Corp., and Petron Corp. – to open their books of accounts for examination by the government to determine if they are guilty of monopoly, predatory pricing or cartelization.

There are two commodities that politicians, anxious to improve their popularity ratings, constantly rant about when prices seem to be on the upturn: rice and oil.

MANILA, Philippines – Oil companies rolled back their pump prices by P1 per liter yesterday in step with last week’s lower crude costs in the world market.

Few of his legislative peers can match his guts and dynamism in fulfilling his duties and delivering results.  He is also in a class of his own in being articulate, accessible and visible to the public. For these sterling qualities, Senator Richard Gordon is widely regarded as an exceptional public servant. But these past several…

Energy Secretary Angelo Reyes has invited National Economic Development Authority (NEDA) chief Ralph Recto to a conference with local oil players next week to “reconcile any differences in perception as to what prices are ‘reasonable’” when it comes to petroleum products like gasoline and diesel.

Energy Secretary Angelo Reyes asked Economic Planning chief Ralph Recto to a conference with oil players next week to “reconcile any differences in perception as to what prices are reasonable” when it comes to petroleum products such as gasoline and diesel.

MALACAÑANG said it will rally its allies in Congress to amend the Oil Deregulation Law amid government findings that oil companies are overpricing their products.

BAGUIO CITY, Philippines – For the second time in a row, the Supreme Court dismissed the petition questioning the propriety of the Downstream Oil Industry Deregulation Act of 1996.

Emphasizing that the problem of global warming is “even more critical” than the global economic crisis, President Arroyo has ordered state agencies to join the Carbon Cutting Coalition that aims to reduce the Philippines’ consumption of fossil fuel by 50 percent in two years.

GASOLINE is overpriced by as much as P8 a liter, Economic Planing Secretary Ralph Recto said yesterday.

MANILA, Philippines – Petron Corp. and Seaoil Philippines Inc. raised their gasoline prices yesterday by P1 and diesel by 75 centavos per liter.

PRESIDENT Arroyo has ordered officials to look into the books of oil distributors following another round of increases in pump prices last week, which could have been unnecessary, an official said yesterday.

Oil players have added a new burden to the constantly increasing prices of fuel products, one peso on each liter of diesel fuel and on every liter of kerosene as well as 50 centavos on each liter of gasoline.

The leadership of the House of Representatives yesterday set in motion a fresh initiative to look into reports of syndicated smuggling of refined fuel products in various parts of the country which translates into yearly tax loss ranging from a low of P803 million and a high of P16 billion.

MANILA, Philippines – Half of the estimated 12 million LPG tanks in use nationwide are considered defective and substandard, according to an official of the Directorate for Fire Safety and Prevention (DFSP).

MANILA, Philippines – Pilipinas Shell Petroleum Corp., Flying V and Eastern Petroleum will increase diesel and kerosene prices by P1 per liter, and gasoline by 50 centavos per liter starting today.

MANILA, Philippines – Major transport groups across the country have ignored calls for a nationwide strike to protest the newly approved fines for traffic violations, the Land Transportation Franchising and Regulatory Board (LTFRB) said yesterday.