Big-time oil price hike starts today

[ASEAN NOW News]

HIKE ANEW. Oil firms will implement another big-time price increase on petroleum products starting Tuesday (April 26, 2022). After a two-week rollback, they started last week to raise prices in domestic products as oil prices in the global market remain volatile. (File photo)

 

MANILA – Oil companies will implement another big-time price increase on petroleum products starting Tuesday morning.

 

In separate advisories, Caltex, Cleanfuel, PTT Philippines, Seaoil, and Shell said they will hike diesel prices by PHP4.10 per liter and PHP3 per liter on gasoline prices.

 

Caltex, Seaoil, and Shell will also add another PHP3.50 per liter on kerosene prices.

 

Oil firms started to increase fuel prices last week after a two-week rollback. 

 

During the Laging Handa public briefing Monday, Department of Energy (DOE) Undersecretary Gerardo Erguiza Jr. said oil prices in the global market remain volatile.

 

“So, what we are looking at is the prices today, April 25, because we can see the increase or decline in the daily trading. But what we see is there are no significant increases in the prices. So unlike in the past, we had a big-time increase reaching to PHP12, and when it went down, it plunged to PHP12 also. Now, what we see is a gradual increase,” Erguiza said.

 

The Oil Industry Management Bureau (OIMB) has also cited current global developments that affect the petroleum prices in the world market.

 

These include the unresolved conflict between Russia and Ukraine, possible European Union embargo on Russian oil, continued sanctions on Russian oil, low spare capacity of Organization of Petroleum Exporting Countries and its allies (OPEC+) to replace Russian fuel, and the pending nuclear talks that could possible inject another one million barrels per day from Iran crude.

 

Local oil prices stood a net increase of PHP14.70 per liter for gasoline, PHP26.25 per liter for diesel, and PHP20.60 per liter for kerosene with the price increase implemented last week. (PNA)

 

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[NanLaew]

On 4/26/2022 at 7:54 AM, ASEAN NOW News said:

The Oil Industry Management Bureau (OIMB) has also cited current global developments that affect the petroleum prices in the world market.

 

These include the unresolved conflict between Russia and Ukraine, possible European Union embargo on Russian oil, continued sanctions on Russian oil, low spare capacity of Organization of Petroleum Exporting Countries and its allies (OPEC+) to replace Russian fuel, and the pending nuclear talks that could possible inject another one million barrels per day from Iran crude.

I am not surprised that a department of the Philippine government would neglect to mention that another reason the nations' hydrocarbon supplies are perilous is because, when faced with Chinese pressure, President Rodrigo Duterte's balls shrink.

 

The common narrative is Duterte was getting in China's face. In October 2020 he lifted an 8-year moratorium on offshore oil and gas exploration that was primarily put in place to appease the Chinese.

 

The Chinese and Philippine governments signed a MOU about joint exploration but the Chinese never made any proposals. When the Philippines made a proposal, the Chinese rejected it. The Chinese claimed that in order for them to agree, the oil or gas ownership would ultimately be Chinese as well as another ridiculous condition that, if agreed by the Philippines, would violate the Philippine Constitution.

 

In April 2021, Duterte vowed to send the Philippine navy to fight Chinese threats to stop Philippine drilling operations offshore Palawan.

 

In October last year, Forum Energy was given approval to conduct their first offshore 3D seismic survey since 2013.

 

Then the elections got in the way and after pondering the folly of rewriting the Constitution so he could run for office, he threw his hand in with his daughter's run for VP.

 

Meanwhile, the Chinese sailed into the Sulu Sea and openly stalked joint US-Phillipine military exercises. This despite the Sulu Sea being totally within the Philippine archipelago with no part of it claimable as international waters. Yet again, the Philippine navy was a no-show, right in their own back yard.

 

Earlier this month, the Chinese Coast Guard stalked the support fleet for Forum's imminent 3D, just as the seismic survey vessel arrived from Australia.

 

https://www.thestar.com.my/aseanplus/aseanplus-news/2022/04/18/chinese-vessel-shadows-two-survey-ships-hired-by-philippine-firm

 

The DOE told Forum to park up the survey boats out of sight on 6 April to since Duterte had a conference call with Xi Jinping scheduled for 8 April. After the weekend, the whole survey was called off, Forum called force majeure on the contract and Philippine dependence on Chinese oil and gas gets a huge boost.

 

https://www.thestar.com.my/aseanplus/aseanplus-news/2022/04/24/philippines-halts-oil-and-gas-exploration-in-disputed-south-china-sea-aims-to-strike-energy-deal-with-china#.Ymc13xgTKEY.whatsapp

 

AFAIK, the news of Duterte's obeisance to Beijing doesn't get too much air time in Philippine mainstream media. The seismic boat has departed for Korea. The drilling rig was last seen on the hook in Malampaya Sound.