Oil prices rose Monday, continuing to rally on the prospect of a tighter market, at the start of a week that includes several key central bank meetings. By 09:30 ET (13.30 GMT), the U.S. crude futures traded 1.1% higher at $91.03 a barrel, while the Brent contract climbed 0.9% to $94.75. Supply tightness leads to […]
Good News: 60,000 drivers receive fuel subsidy – LTFRB
THE Land Transportation Franchising and Regulatory Board (LTFRB) said around 60,000 drivers nationwide have received fuel subsidies as of Friday. The figures were provided by LTFRB technical division head Joel Bolano in a video interview with The Manila Times. “Just to clarify, the list of beneficiaries that were transmitted was that of public utility vehicles […]
Oil heads for 3rd weekly gain; market awaits Fed verdict on inflation
Oil headed for a third weekly gain, with U.S. crude trading above $90 per barrel the first time in 10 months on better-than-expected data from top importer China, as markets awaited the Federal Reserve’s verdict on inflation in the United States. The Fed’s policy-makers aren’t expected to raise interest rates when they meet on Sept. […]
Fuel prices seen to go up big-time next week
Motorists shall brace again for another round of hike in the pump prices of petroleum products next week, which could mark the 10th straight week of upward adjustments for gasoline and 11th for both diesel and kerosene. Citing the four-day Mean of Platts Singapore (MOPS) trading from September 11 to 14, Department of Energy-Oil Industry […]
Oil: China stimulus sends U.S. crude to $90 first time in 10 months
China’s bid to put a floor under its ailing economy has unwittingly given an instant boost to something else: U.S. crude — which got to $90 per barrel on Thursday, the first time in 10 months. The People’s Bank of China said it will lower from Friday the reserve requirement ratio for banks in the […]
LTO may resume driver’s license issuance soon
With at least one million plastic cards set to be delivered to the Land Transportation Office by the end of September, the LTO said yesterday it may resume the issuance of driver’s licenses soon. LTO chief Vigor Mendoza said the 20-day temporary restraining order (TRO) issued in August by a Quezon City court, which stopped […]
Jeepney fare hike before yearend : LTFRB
A provisional increase in jeepney fares will be implemented before the end of the year amid weeks of continuous oil price hikes, Land Transportation Franchising and Regulatory Board (LTFRB) chair Teofilo Guadiz said yesterday. The board has yet to determine the amount of the fare increase, but hopes to implement it by November, Guadiz added. […]
Oil rally pauses as U.S. crude stockpiles jump; output at new 3-year high
The oil rally hit a bump on Wednesday as U.S. oil production hit new three-year highs last week and a weekly reading for crude stockpiles rose for the first time in five weeks as the peak summer driving season drew to a close. London-traded Brent settled at $91.88 per barrel, down 18 cents, or 0.2%. […]
Good News: LTFRB fuel subsidy distribution begins today
The Land Transportation Franchising and Regulatory Board (LTFRB) will begin the distribution of the P3-billion fuel subsidy for public utility vehicle (PUV) operators today. The LTFRB said that around 1.36 million beneficiaries will receive the subsidy through e-wallet accounts, bank accounts and fuel subsidy cards. The subsidy is seen to cushion the adverse impact of […]
Oil hit 2023 highs as OPEC harps on tight supply
When the world’s oil producers issue an outlook after choking the market of supply to deliberately create a lopsided supply-demand situation, there can be little surprise on what they’ll say — or how the market might react. Crude prices continued their surge in Tuesday’s trade, with global benchmark Brent shooting above $92 per barrel and […]