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Expect oil prices to further go up until early 2022: DOE chief - Vimarsana News

Expect oil prices to further go up until early 2022: DOE chief

Published: October 20, 2021

DOE Secretary Alfonso Cusi MANILA - Department of Energy (DOE) Secretary Alfonso Cusi said prices of petroleum products are expected to further increase until early next year with the current shortage in oil supply in the world market. In an interview with ABS-CBN News Channel Wednesday, Cusi attributed the oil price hike for the past eight weeks mainly to developments in the global market. Global supply is still lacking around 3 million barrels per day (bpd) as oil producers and exporters are only supplying 100 million bpd while demand is at 103 millions bpd. The Organization of Petroleum Exp...

Source: philippinetimes.com
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Quezon CityPantawid PasadaDepartment Of EnergyOrganization Of Petroleum Exporting CountriesSecretary Alfonso CusiChannel WednesdayPetroleum Exporting CountriesBayanihan LawDoe Secretary Alfonso Cusi Manila Department Of Energy Said Prices Petroleum Products Are Expected To Further Increase Until Early Next Year With The Current Shortage In Oil Supply World Market An Interview Abs Cbn News Channel WednesdayUsi Attributed The Oil Price Hike For Past Eight Weeks Mainly To Developments In Global Market Supply Is Still Lacking Around 3 Million Barrels Per Day Bpd As Producers And Exporters Are Only Supplying 100 While Demand At 103 Millions Organization Of Petroleum Exporting Countries Its Allies Opec Sticking With Plan Increase Output By 400000 Bpd Until April 2022 Despite The Rising Demand As Many Countries Are Recovering From Impacts Of Pandemic Cusi Said Although Philippines Is Able To Get Needed Supply 435000 BpdIl Prices Still Depend On Trading In The World Market For Past Two MonthsOcal Prices Of Diesel Have Gone Up By Php8 65Asoline By Php7 20Nd Kerosene By Php8 05 But With All The Initiatives That Government Is Trying To DoHe Doe Chief Is Hoping That Price Hikes In The Local Market Will Be Tamed Subsidy Not Fare Hike As Public Utility Vehicle Puv Drivers Are Calling On Government Fora Amid Rising Fuel CostUsi Said He Is Personally Against This Proposal Quot We Doe Opposed The Fare Hike Let Us Finda Way Like Pantawid Pasada And All Other Subsidies That Can Provide For Public SectorUot He Said Taking Into Account That Dramatic Oil Price Hikes May Repeat In The FutureUsi Said The Doe Has Asked Lawmakers To Amend Oil Deregulation Law Quot Give More Authority In Cases Like This And Get Back Government 39s Participation TradingUot He Added The Energy Chief Said Legislative Policies Are Needed To Allow Doe Have More Authority Intervene When There Big Time Oil Price Hikes Fora Long Period Bayanihan Law Has Allowed Suspension Of Collection Excise Tax On Global Prices Breached Usd80 Level HoweverHis Legislation Has Already Expired Quot What We Would Like In The Law Is Authority To Suspend It Excise Tax Certain Abnormal ConditionsUot Cusi Said Quot Ina Situation Like ThisUr Hands Are Tied Quot If Excise Tax On Oil Will Be SuspendedN Estimated Php8 To Php10 Per Liter Will Be Reduced From Pump Prices
Oil prices up for 2nd straight month - Vimarsana News

Oil prices up for 2nd straight month

Published: October 18, 2021

MANILA - Oil companies will implement another round of big-time hikes on their pump prices starting Tuesday morning. In separate statements, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell will raise diesel prices by PHP1.50 per liter and gasoline by PHP1.80 per liter. Caltex, Seaoil, and Shell will also hike gasoline prices by PHP1.30 per liter. This will be the third week that pump prices have gone up by more than PHP1 per liter. Local players have been increasing fuel prices for eight weeks in a row. In the past two months, including the price hike this Tuesday, local pric...

Source: philippinetimes.com
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United Arab EmiratesPetro GazzGerardo Erguiza JrDepartment Of EnergyPlatts SingaporeSecretary Gerardo ErguizaManila Oil Companies Will Implement Another Round Of Big Time Hikes On Their Pump Prices Starting Tuesday Morning In Separate StatementsPetro GazzTt PhilippinesNd Shell Will Raise Diesel Prices By Php1 50 Per Liter And Gasoline 80 CaltexNd Shell Will Also Hike Gasoline Prices By Php1 30 Per Liter This Be The Third Week That Pump Have Gone Up More Than Local Players Been Increasing Fuel For Eight Weeks Ina Row In Past Two MonthsNcluding The Price Hike This TuesdayOcal Prices Of Diesel Have Increased By Php8 65Asoline By Php7 20Nd Kerosene By Php8 05 Quot Dubai Crude Has Increased Week On Around Usd3 Per Barrel Mops Mean Of Platts Singapore Gasoline And Diesel Have Also Almost Usd4 Usd 4 40Uot The Department Of Energy 39s Doe Oil Bulletin Said Assistant Secretary Gerardo Erguiza Jr Earlier Price Hike Is Mostly Affecting Transport Sector And Has Minimal Impact On Power Rates Government Also Eyeing To Help Affected Sectors Through Subsidies Pna