Oil Price Watch

[eld]

I bet including you. Those who profit from others true sweat thru speculation are called by others as parasites.

Smart parasites. I wanna be like one. :tongue:

[simpleonin]

whew information overload. keep it up, I'm sure readers are learning a lot here.

[uls]

^^

Speculators net-long positions in WTI crude at record level (as of March 8)

anybody still wanna argue oil companies are responsible for rising fuel prices?

[miLes]

argh my head hurts! all i know is that fuel price will continue to rise as long as world population increases

[ChoyJo]

Smart parasites. I wanna be like one. :tongue:

Me Either..

whew information overload. keep it up, I'm sure readers are learning a lot here.

Honestly Yes.. I am learning a lot..

[SiRbossR]

Oil prices are goin to increase again tonight!

[safeorigin]

hehe

yep, these guys are the very reason why I got interested in economics

[Monseratto]

Oil prices are goin to increase again tonight!

http://www.gmanews.tv/story/215233/b...prices-tuesday

Pilipinas Shell to raise fuel prices Tuesday
03/14/2011 | 05:57 PM

Pilipinas Shell Petroleum Corp. is raising its pump prices by P0.50 per liter for premium gasoline starting March 15, the company said in a text message to media organizations Monday.

It is also raising by P0.30 per liter its kerosene prices and by P0.60 per liter its regular gasoline to reflect the movement in world crude prices.

In its media advisory, Pilipinas Shell said that in response to the Energy Department’s call to help the impact of higher oil prices, it will give a P0.50 per liter discount for public transportation starting Tuesday. — VS, GMA News

[Monseratto]

Diesel P47/li...Petron will raise at 12 noon.

http://www.abs-cbnnews.com/business/...el-prices-anew

Shell to raise fuel prices anew
abs-cbnNEWS.com
Posted at 03/28/2011 11:33 PM

MANILA, Philippines – Pilipinas Shell Petroleum Corp. will raise fuel prices again early Tuesday morning, according to the company.

Shell official Bobby Kanapi said they will increase prices of V-Power, Premium, and unleaded gasoline by P0.70 per liter; kerosene by P0.20 per liter; regular unleaded gasoline by P0.85 per liter; and diesel by P0.40 per liter.

He said the increase, which will be effective 6am on March 29, is needed to reflect the movement in international oil prices.

Energy Undersecretary Jay Layug confirmed the increase in Shell fuel prices.

Other energy companies have yet to announce their own round of price hikes, as of posting. - with a report from Alvin Elchico, ABS-CBN News

[Ry_Tower]

Grabe na talaga sunid-sunod. Uto na pinakamabilis na pagtaas in such a short time!

[ghosthunter]

Kinda bad timing with the upcoming Holy Week season.

Many will be feeling the "ouch" when they drive to & from their vacation destinations.

[tidus1203]

Grabe na talaga sunid-sunod. Uto na pinakamabilis na pagtaas in such a short time!

No its not, 2008 was still worse. PISO kada WEEK, paminsan P1.50 pa for DIESEL guaranteed every SATURDAY hehehe...

Oil in 2008 reached pass $140/BBL, we are still at $104/BBL right now...

[uls]

geopolitical risk adds around $20/barrel to the price of oil

then there's the weak dollar

[Monseratto]

No its not, 2008 was still worse. PISO kada WEEK, paminsan P1.50 pa for DIESEL guaranteed every SATURDAY hehehe...

Oil in 2008 reached pass $140/BBL, we are still at $104/BBL right now...

There was even a time in 2008 when the price of diesel was almost at par with premium gas...

[tidus1203]

There was even a time in 2008 when the price of diesel was almost at par with premium gas...

You mean this?

[uls]

price of diesel going up coz of increased demand from Japan

nuclear power production down so they're using diesel powered generators

[Monseratto]

Unlike 2008, other expenses such as utilities and schooling cost much more now. So the pain of a oil price hike price is felt more by poor Juan...

[ghosthunter]

http://www.abs-cbnnews.com/business/...her-oil-prices

[SIZE="4"]VAT windfall expected from higher oil prices[/SIZE]
By Diane Claire J. Jiao, BusinessWorld
Posted at 03/31/2011 3:08 AM | Updated as of 03/31/2011 11:02 AM

MANILA, Philippines - A windfall of around P4 billion could be realized this quarter by the government as higher oil prices lead to increased value-added tax (VAT) collections, a Finance official yesterday said.

The amount, which could rise to some P28 billion if crude prices remain high, is expected to allow the government to fund planned subsidies that will allow the public transportation sector to cope with rising fuel costs.

"As long as the volume of oil we purchase doesn’t go down, the government can usually get a windfall of roughly P1 billion for every $1 in excess of the programmed cost of oil," Finance Undersecretary Gil S. Beltran told BusinessWorld.

While the numbers are not yet final, Mr. Beltran said, "The VAT windfall could reach P4.4 billion by end-March."

With the benchmark Dubai crude now averaging $108 per barrel, up from the government’s oil price assumption of $80 per barrel for the year, the additional earnings from import duties would total some P28 billion.

"Yes, that’s my estimate," Mr. Beltran said.

"The excess VAT can be used for any project that’s the priority of the government," he added, including P600-million fuel subsidy targeted at the public transportation sector.

"Based on the pronouncements of the DoE (Department of Energy), financial assistance to the public transportation sector is counted as one of the priorities," Mr. Beltran said.

An Energy department-drafted executive order that will implement the subsidy -- involving the issuance of fuel cards that will be valid for a month -- has been submitted to Malacañang for approval.

The assistance, currently limited to legitimate franchise owners, could be extended to other transportation used by the food and fishery sectors, Energy officials have said.

A VAT windfall was also realized by the government when oil prices spiked to a record $147/per barrel in 2008. The added earnings of P8.16 billion from July to December 2008 was spent by the Arroyo administration on "Katas ng VAT" programs such as electricity subsidies, student loans, scholarship grants and engine conversion loans for owners of public utility vehicles.

University of the Philippines economist and former Budget secretary Benjamin E. Diokno welcomed the news of a new VAT windfall trickling down to consumers, but cautioned against "inefficiencies".

"By subsidizing public transport, half-empty buses and jeepneys would continue to traverse their routes as if the price of oil products have not increased; such practice is inefficient. Passengers should feel the higher cost of transportation so they will change their behavior accordingly," Mr. Diokno said in an e-mail.

"What about the car owners who have to pay the higher costs of oil products at the pump? Don’t they deserve a subsidy too?" he said.
Mr. Diokno, Budget secretary during the Estrada administration, instead proposed a VAT cap when the price of crude exceeds a certain level.

"The idea is for the government not to benefit in terms of a windfall gain even as consumers suffer from higher than planned price of crude oil," he said.

He also suggested an automatic surcharge when the price of crude plummets.

"Consumers should not get used to artificially cheap oil products when the price of oil plummets to, say, $60 per barrel. The surcharge will be in the form of a corrective tax," Mr. Diokno explained.

[ghosthunter]

http://www.abs-cbnnews.com/nation/03...neys-tricycles

[SIZE="4"]PNoy OKs fuel subsidies for jeepneys, tricycles[/SIZE]
abs-cbnNEWS.com
Posted at 03/31/2011 11:17 AM | Updated as of 03/31/2011 11:33 AM

MANILA - President Benigno Aquino III announced on Thursday he has approved an executive order granting fuel subsidies for public utility jeepneys and tricycles for at least a month.

The President said buses are excluded from the subsidies since a P1 fare increase has already been approved for PUBs.

Aquino, however, could not recall the exact discount that will be granted to jeepneys and tricycles.

After a month, the government will assess whether to increase or reduce the subsidies depending on world oil prices.

A P500 million budget from government savings and revenue has been approved for the subsidy. -- report from Willard Cheng, ABS-CBN News

[shadow]

http://www.abs-cbnnews.com/nation/03...neys-tricycles

'kingina!!!

the gov't is always trying to appease this scumbags. kung hinde na nila kaya price ng diesel na tumigil muna silang magpasada.

you give them your hand, they will ask for your arm. after a month tingnan mo hihinigi ulit mga yan. hanggang sa libre na sila sa pagbili ng diesel, tapos kukunin sa taxes na binabayran ng mga working class.