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Gasoline, diesel, kerosene price hike set Tuesday

Gasoline, diesel, kerosene price hike set Tuesday
By JON VIKTOR D. CABUENAS, GMA News
Published March 15, 2021 11:25am
Updated March 15, 2021 6:02pm
Pump prices of petroleum products will be hiked anew on Tuesday, following last week s rollback.
In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Pilipinas Shell Petroleum Corp. and Seaoil Philippines Inc. said they will hike prices per liter of gasoline by P1.25, diesel by P0.90, and kerosene by P0.85.
Cleanfuel and Petro Gazz, Phoenix Petroleum Philippines Inc., PTT Philippines Corp., and Unioil Petroleum Philippines Inc., will implement the same changes, excluding kerosene which they do not carry. ....

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Demand-driven rise in crude oil prices is good for equity markets: Analysts

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Even though the rise in oil prices can strain the fiscal position of an economy, a rise in oil prices – if driven by a surge in demand / consumption – is a positive for equity markets, say analysts. In their recent note, analysts at Jefferies estimate that every $10 per barrel (bbl) rise in the Brent oil price raises India’s trade deficit by around 40-50 basis points (bps). Yet, they believe that the equity markets should be able to digest the recent spurt.
“A $70/bbl of crude would have a 100-120 bps impact on current account deficit (CAD). Improving domestic demand on a low base would drive CAD to 1.5 per cent in fiscal 2021-22 (FY22) versus a 0.7 per cent surplus this year. However, we still expect balance of payments (BoP) to be a positive around 1.2 per cent as capital account (FDI, ECB and NRI deposits) should see over $80 billion surplus,” wrote Mahesh Nandurkar, managing director at Jefferies ....

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LPG price double in 7 years, tax collection on petrol-diesel jumps 459%: Oil Minister Dharmendra Pradhan

LPG price double in 7 years, tax collection on petrol-diesel jumps 459%: Oil Minister Dharmendra Pradhan - Pradhan stated that the price of subsidised LPG has been raised during the last few months from Rs 594 per cylinder in December 2020 to Rs 819 now. ....

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Parliament disrupted again over oil price hike - The Hindu BusinessLine

Parliament disrupted again over oil price hike
March 09, 2021
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Both the Houses of Parliament adjourned without taking up any major agenda on Tuesday too, as the Opposition continued protests demanding a debate on the increasing prices of petroleum products. The chairpersons of both the Rajya Sabha and Lok Sabha, however, denied the demand and maintained that the issue can be raised when the Houses discuss the Appropriation Bill.
The Rajya Sabha adjourned thrice on the day as Opposition raised slogans against the Centre. The question hour was held for about five minutes, but could not be continued due to the ruckus. Discussion on the Arbitration and Conciliation (Amendment) Bill also could not be taken due to commotion in the House. ....

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JSE takes its lead from weaker global markets

JSE takes its lead from weaker global markets
The local bourse loses ground on Monday, while oil rises to a one-year high after a series of drone and missile attacks in Saudi Arabia
BL PREMIUM
08 March 2021 - 11:35 Lindiwe Tsobo
The JSE was weaker on Monday morning, with global markets under pressure due to the threat of rising inflation. Meanwhile, oil rose to a one-year high after a series of drone and missile attacks in Saudi Arabia.
Brent crude oil price rose above $70 a barrel for the first time since January 2020, after an important Saudi oil site came under attack on Sunday. While such assaults rarely result in extensive damage, their frequency has created unease in the oil markets. The surprise decision from oil cartel Opec and its allies last week to keep output unchanged Crude oil had already boosted prices. .. ....

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