Oil prices up again this week
Credit to Author: Tempo Desk| Date: Sat, 26 Jan 2019 08:45:08 +0000
Oil prices are anticipated to increase this week by P0.50 to P0.60 per liter for diesel products and P0.15 to P0.25 per liter for gasoline products.
Kerosene, which is another commodity preference for many Filipino households, will also increase by P0.35 to P0.45 per liter.
Industry players said the increase was based on four-day trading in the international market last week and last Friday’s cost softening may still trim the anticipated price hikes this week.
This month manifested incessant rise in fuel prices as it was the kickoff implementation period of the production cutback committed by world oil producers – primarily the Organization of the Petroleum Exporting Countries and its Russian-led ally.
As of Jan. 24 trading, Dubai crude, which is the benchmark for Asian oil markets, was still at $59 per barrel while Brent crude has breached $61 per barrel.
Last week, the US market reported marked rise in crude inventories that had sent prices tumbling down again in the world market, sending early signals that rollbacks may be feasible in the coming weeks.
In the local market, domestic troubles still revolve around the continuing implementation of the second tranche of excise taxes under the Tax Reform for Acceleration and Inclusion Act.
In a meeting with oil companies Friday, the Department of Energy reminded them of the strict and complete submission of the required documents to enable the agency to have solid basis in validating on whether or not they have firmly complied with the law.
Energy Undersecretary Felix William Fuentebella said the oil firms have very loose reporting, “so they end up submitting incomplete documents or they keep sending in reports lacking in substance.”
Fuentebella also lamented the fact that the oil firms do not have delegated compliance officers on their mandated reporting and submission of documents to the DoE.
Because of this, he noted that the department shall institute policy fixes to make the oil industry players responsible corporate citizens especially on matters that impact directly on consumers. (Myrna M. Velasco)