Oil

MANILA, Philippines – The militant transport group Pagkakaisa ng mga Samahan ng mga Tsuper at Opereytor Nationwide (Piston) condemned yesterday the latest increase in the prices of diesel and unleaded gasoline, branding it as a cruel “April Fools Day joke” played by oil firms on motorists and consumers.

MANILA, Philippines — The three biggest oil companies owe the government between P8 to P 9 billion in contributions to the defunct Oil Price Stabilization Fund (OPSF), the chairman of the House committee on ways and means said Wednesday.

MANILA, Philippines – Pilipinas Shell Petroleum Corp. will increase today the pump price of diesel by P1.50 per liter while gasoline and kerosene prices will be raised by P1 per liter.

over 12 companies have expressed interest to invest $1.1 billion in the Philippine bio-fuels industry, Energy Secretary Angelo Reyes said yesterday.

OIL companies have agreed to adjust fuel prices on a weekly basis and to again open their books in an apparent bid to qualm growing public clamor against recent price hikes at the pump, the Department of Energy (DOE) said.

MANILA, Philippines – Two of the country’s biggest oil firms are opposing the petition of the Consumer & Oil Price Watch (COPW) for “judicial intervention” in the investigation into the alleged cartel in the industry.

MANILA, Philippines – The Department of Energy (DOE) will conduct another audit of the 2008 books of all oil companies.

HIGHER food prices in Asia and the Pacific pushed up the number of undernourished people in the region from 542 million in 2003 to 2005, to 583 million in 2007.

Over 300 million liters of refined and highly inflammable fuel and liguefied gas are stored in the Pandacan depot that has been operating since 1921 without a buffer, as required under international safety rules, to insulate residents nearby from danger.

Kairiki Energy of Australia said yesterday that it has signed a conditional agreement with a private oil and gas investment company to sell its 17 percent interest in a portion of service contract 54 in northwest Palawan.

NEW YORK – Every day this week arrived with more evidence that energy usage is unlikely to bounce back soon, yet some experts believe oil prices may already have struck bottom.

MANILA, Philippines – Groups opposing the proposal to revive the mothballed Bataan Nuclear Power Plant (BNPP) formed yesterday a “human banner” to express their protest against the plan and they urged lawmakers to reject the bill that favors the opening of the nuclear plant.

MANILA, Philippines – Speaker Prospero Nograles supported yesterday the proposed review and possible amendment or repeal of the Oil Deregulation Law.

While stressing that Congress has the power and mandate to review, amend or repeal any law, including the oil deregulation law, Speaker Prospero Nograles said Monday that any congressional move on the controversial measure will have to be dictated by public interest.

MANILA, Philippines – Malacañang will consult stakeholders in the move to review the Oil Deregulation Law in the effort to strike a balance between consumer welfare and business promotions.

MANILA, Philippines – Admitting government’s limited powers to address problems faced by consumers with the country’s oil industry, Malacañang warned it might move to review the oil deregulation law.

MANILA, Philippines – It all boils down to semantics. It’s not a cartel, but simply a supply arrangement.

The Philippines, aiming to cut its reliance on imported crude, will import ethanol mostly from Brazil, a government official said.

Chevron Philippines Inc. has committed to invest some $20 million to comply with the five-percent bioethanol blend mandated by the Biofuels Law.

Petron Corp., Pilipinas Shell Petroleum Corp., Chevron (formerly Caltex) and Total will increase today the pump price of gasoline by P1 per liter.

Oil companies yesterday implemented another 50-centavo per liter rollback on the pump prices of their products.

Major oil players are expected to soon start “automatic” oil price adjustments that aim to make pricing of pump products more transparent.

The Department of Energy expects more rollbacks in pump prices in January because of low crude costs last month.

The National Biofuels Board (NBB) will see to it that the government’s policy on biofuels will be carried out as scheduled, a top energy official said.

The country’s second ethanol plant is expected to start production by next month, just in time to meet the mandated demand of the alternative fuel at the pump.

SINGAPORE: Oil prices ended the year below 40 dollars Wednesday in Asian trade after a tumultuous 2008 which saw prices hit record peaks before plunging to multi-year lows.

From oil prices to asset sales, headline-grabbing issues dominated the energy sector in 2008.

President Arroyo ordered yesterday the reduction of the tariff on petroleum imports in an effort to ease the impact of record-high global crude prices on the local economy, particularly on poor Filipinos.

President Arroyo has lined up a number of directives aimed at providing relief to the masses from the rising cost of oil in the world market.