After 10 straight weeks of increases for gasoline and 11 for diesel and kerosene, pump prices of petroleum products are expected to roll back in the coming week, according to oil industry projections. Citing the four-day petroleum trading from September 18 to 21, an oil industry source told GMA News Online that the price per […]
Natural Gas: When Best-Laid Plans for Production Culling Go Awry
Scottish poet and lyricist Robert Burns wrote in 1785 that ”the best-laid plans of mice and men often go awry”. Those in the natural gas market would have seen the wisdom in that this week after their hopes of witnessing production crumble from seasonal maintenance were dashed by changes in weather and a pipeline operator’s […]
LTFRB: Subsidy only for buying oil products
Land Transportation Franchising and Regulatory Board (LTFRB) Chairman Teofilo Guadiz 3rd has clarified that the fuel subsidy cannot be used for other purposes and is specifically intended as payment to select gasoline stations for purchasing petroleum products. In a post on the LTFRB official Facebook page, Guadiz said all public vehicles, except trucks-for-hire, are eligible […]
Oil prices rally futher; Fed, central bank meetings in focus
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 […]
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%. […]