Constant Weekend Rise at the Gas Pump

[Monseratto]

Gas prices have constantly been going up every weekend. Baka umabot pa ng 50/liter ang unleaded gas bago umumpisa ng school year...

Peso depreciation prompts eighth oil price hike this year

MANILA, Philippines - The peso’s depreciation last week prompted oil industry players to raise pump prices for the eighth time this year.

The peso depreciated to P42 to a $1 on Friday, its lowest level this year. A depreciation of the local currency — or conversely, the appreciation of the dollar — impacts negatively on pump prices since oil industry players will need to spend more to buy oil, which is priced in dollars.

Players raised prices last Saturday. Aside from the peso’s depreciation, they also said the hike was due to rising prices in the world market.

Petron Corp. Public Affairs Officer Raffy S. Ledesma, through a text message, said the hike was due to the continuing surge of crude oil prices in the world market.

"Dubai is averaging $102.38 per barrel or $5.62 higher than the March average. It also hit an all time high last Wednesday when it reached P109.55 barrel," he said.

Unioil Philippines Spokesman Raymond T. Zorilla added a weak peso translates into higher pump prices if accompanied by higher world oil prices.

Ferdinand L. Martinez, Eastern Petroleum Corp. chairman and chief executive officer, said the peso depreciation last week translated to a P0.10- to P0.09-hike per liter.

"It all depends on the oil firms when they will pass it on consumers," he said.

But in an interview last week, Mr. Martinez said oil firms might retain current prices until May to recover losses in April since there was barely enough time to recover losses for this month.

The government, to mitigate the impact of high world oil prices, will maintain the 1% oil tariff rate until May.

With the price hike last Saturday, gasoline and diesel now average P46.96 and P39.94 per liter, respectively. - BusinessWorld

Oil strikes new record near $120 on supply fears

PERTH - Oil struck a record high at $119.93 a barrel on Monday, extending the previous session's rally, as a strike closed a major British oil pipeline and as fresh violence in Nigeria reignited supply fears.

Simmering geopolitical tensions between the United States and Iran also helped boost oil prices.

US light crude for June delivery rose 81 cents to $119.33 by 2249 GMT, after striking a lifetime high of $119.93 a barrel at the start of Globex electronic trade.

US oil settled $2.46 higher at $118.52 a barrel on Friday.

London Brent crude rose 66 cents to $117.

"Supply side concerns underpinned the oil price," David Moore, a commodity strategist at the Commonwealth Bank of Australia, said in a note to clients.

"Oil supplies from Nigeria have been disrupted by militant attacks and a strike by some oil workers. A strike at the Grangemouth refinery in Scotland has caused significant disruption to supplies from the North Sea," he said.

A pipeline carrying nearly half of Britain's oil was closed on Sunday as a strike over pensions began at the neighboring Grangemouth refinery in Scotland, operator BP (BP.L) said.

The refinery, owned by international chemical company Ineos, produces a tenth of Britain's petrol and diesel but also supplies vital steam to BP's Kinneil plant that starts to process the crude oil coming ashore frol 70 North Sea fields.

In Nigeria, unidentified gunmen killed five policemen and seized several weapons in a raid on a police station in the oil-rich southern Nigerian state of Rivers on Sunday, a police spokeswoman said.

The attack comes just two days after a strike and attacks by rebels forced Nigeria's two largest oil firms, Exxon Mobil and Royal Dutch Shell, to shut in some production.

A step up in tensions between US and the world's fourth-largest crude exporter Iran also contributed to oil's gain.

A cargo ship hired by the US military fired warning shots at boats suspected to be Iranian, the US Navy said on Friday, underscoring tension in the Gulf as the Pentagon sharpened its warnings to Tehran.

Iran denied there had been any confrontation between its forces and a US ship, Iranian media reported.

Iran also said on Sunday a "disastrous situation" facing the United States in Iraq and Afghanistan, coupled with Washington's domestic issues, made any US attack on the Islamic Republic unlikely.

Tensions between Washington and the OPEC nation last year helped send oil to record highs. Crude prices have surged more than five-fold since 2002 as supplies struggle to keep pace with rising demand in emerging economies, such as China.

[vinj]

Well. High gas prices are here to stay. I talked with a friend at Caltex and up to now their not yet done with the price corrections to reflect the increase in world prices. "may hinahabol" pa sila with the price.

[1D4LV]

Well. High gas prices are here to stay. I talked with a friend at Caltex and up to now their not yet done with the price corrections to reflect the increase in world prices. "may hinahabol" pa sila with the price.

we all have to accept it. its way beyond our control. in fact, its affecting prices globally.

hanap na lang ng alternatives (ethanol, LPG, etc.)

[[archie]]

we really cant do anything about this prob, just have to adjust...

yan ang hirap sa price monopoly, all gas companies have a certain agreement on this. unless regulated by the government... it will just keep on going up.

[1D4LV]

we really cant do anything about this prob, just have to adjust...

yan ang hirap sa price monopoly, all gas companies have a certain agreement on this. unless regulated by the government... it will just keep on going up.

imho, although there is a monopoly, global problem yan eh because of supply and demand. and governments cannot really regulate than via subsidy dahil ang laki ng mawawalang pera sa kanila, unless there are certain funds (like the OPSF before) where the government can pull out funds.

[coiter]

global prices are shooting up astronomically and i'm personally against any government subsidies. we just really have to save on fuel. baka nga umabot pa ng 60 pesos before the "bubble" finally bursts. pero i doubt it will ever go down below 30 pesos per liter. grabe kasi talaga ang conditions ngayon. even food prices nagiging issue.

[CVT]

Oil is now $120 a barrel.

Petron-BPI offers 24-hour hold for old prices; and 3% rebate.

Shell-Citibank offers 5% rebate now.

Caltex-HSBC offers 3% rebate.

Hay naku!

5909:burn:

[fast lane]

as of now the Philippines has 64 or more service contracts (SC) for the study gas reserves in the philippines and they have found a lot specially in the palawan area and the visayas to name a few, and most of this contact are awarded to foreign company.

http://www.doe.gov.ph/PECR2006/Petro...7/SC%20Map.htm


i think if we want to eliminate our dependency on foreign supply, we can use our own, even if gas is not renewable at least it is clean and earth friendly so as not to add to global warming.

and there Trillion cubic feet (TCF) of this gas just underneath the Philippine soil, and im wondering where do all the payments of these comanies go? it should at least subsidized the price for the energy sector.

and until now the CNG Refilling Station of shell in Mamplasan in South Luzon expressway is not in operation and the 200 CNG buses that was acquired 2 years ago is nowhere to be seen on edsa. (maybe they are afraid if CNG, LPG or LNG will be embrace by most motorist since it has a lower price, Php30 for LPG and Php15 for CNG thus bringing the price down of petroleum products or i could be wrong and they can pegged the price of this just below the gasoline price)

the most important thing for this crisis is POLITICAL WILL unfortunately we don't have that or our elected officials for that matter.

the best we can do is if buying car get most efficient, the most efficient appliances and equipment, energy efficient light bulbs and try to conserve energy, ride mass transportation for instance.

to at least minimize the dependency on foreign oil

[1D4LV]

Oil is now $120 a barrel.

Petron-BPI offers 24-hour hold for old prices; and 3% rebate.

Shell-Citibank offers 5% rebate now.

Caltex-HSBC offers 3% rebate.

Hay naku!

5909:burn:

use E10...heheheh. its 2 pesos lower than unleaded. with 5% rebate, laking kamurahan.

seriously, these rebates are really temporary gap solutions. if the price of fuel increases, then these rebates are nothing.

what is important is try to conserve fuel, and get a fuel efficient car.
(do i see myself getting a Getz 1.1 soon? hehehehe - mukhang hindi, masyadong maliit yung Getz for my family..)

again, another thing here is to improve traffic flow and to improve the public transport structure, initiate and implement alternative fuel use and if necessary dun sila mag subsidize (subsidize nila LPG conversion kit, etc.)

imagine yourself being stuck on traffic for 15 minutes only? laking fuel na nawawala dun. or imagine yourself wasting fuel on stop and go traffic.

i would agree with the previous poster here na it will never go down to the 30 pesos per liter range. crude oil is consumable, and if we consume it, it is not replaced.

[meledson]

Enrollment na naman. Malaking pag asa na tataas na naman ang piso.

Kadalasan, nag mumura kasi ang dollar tuwing pasko at enrollement.

Ang laki ng tulong ng pag angat ng piso sa gas prices. Kung nasa 50:1 today, malamang almost 60.00 ang unleaded.