Oil Price Crisis

Eastern Petroleum may cut prices of gas, diesel by P0.50/liter

Thursday, 21 August 2008 14:29
MANILA, Philippine – Small oil player Eastern Petroleum on Thursday hinted of another price rollback in its fuel products this coming weekend.

In fact, Fernando Martinez, president of the oil firm, said in a radio interview that the price reduction could be implemented earlier if other oil firms would take the lead at another cut.

“Mukhang tiyak na ako na may nakikita akong P0.50 na rollback sa gasoline at sa diesel (I am almost certain about a 50-centavo rollback in gasoline and diesel)," Martinez said.
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Unioil to roll back autogas prices

Thursday, 21 August 2008 14:24
MANILA, Philippines - Small oil player UniOil Philippines Inc on Thursday afternoon announced a price rollback on the prices of its autogas products.

A radio report quoted the oil company as saying that an 86-centavo per liter price reduction would take effect at 10 p.m. today (Thursday).

The price cut comes on the same day the Liquefied Petroleum Gasoline Marketing Association (LPGMA) reduced the price of its products by P1 per kilogram.
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Oil firms cut LPG price, too

Friday, 08 August 2008 21:01
Following the reduction of prices of gasoline, diesel and kerosene, oil firms also brought down the price of their liquefied petroleum gas by P1.50 per kilogram.

Petron Corp. and Pilipinas Shell Petroleum Corp. reduced LPG prices at 12:01 a.m. Saturday.

Apart from cooking gas, Petron also slashed the price of its autoLPG, or LPG for transport use, by 94 centavos a liter.

According to data from the Department of Energy, the international contract price of LPG dropped to $881 per metric ton (MT) this month from $936.50 per MT in July.
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RP market looks to world oil price for lead

Friday, 08 August 2008 19:53
Share prices will likely take their lead from world oil prices as there are few domestic developments to influence trading, analysts said Friday.

"There is no positive news that could be used as a driver for the market," said Jose Vistan of AB Capital Securities.

"The equities market will more or less be on guard and watch out for the behavior of oil prices," he said, warning that "some minor geopolitical issues are causing oil to slowly ease upwards."
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Oil prices drop nearly $4 after storm threat eases

Tuesday, 05 August 2008 09:13
Oil prices closed at their lowest level in nearly three months Monday, plunging after Tropical Storm Edouard appeared unlikely to threaten oil and natural gas facilities in the Gulf of Mexico.

Also weighing on prices was a report by the Commerce Department that consumer spending fell in June as shoppers dealt with higher prices for gasoline, food and other items. That fed investors' beliefs that a U.S. economic slowdown is forcing Americans to cut back on energy use.
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