The Philippine Navy (PN) will secure government personnel and private companies that would conduct oil exploration activities in the West Philippine Sea (WPS). “Your Philippine Navy and your Armed Forces are ready to provide security and protection to any effort by the national government to...
NEW YORK — If oil prices are any measure, Iran just flinched. The price of oil tumbled Monday afternoon in an historical move as traders bet that Iran’s decision to bomb a U.S. base in Qatar signals it is not planning to do the one thing that could really hurt America: Shut down the flow of oil...
Geopolitical tensions are expected to send ripples to local fuel prices this week, with motorists bracing for back-to-back price hikes starting Tuesday. Seaoil, along with other fuel companies that met with the Department of Energy (DOE) on Monday, June 23, announced that they will implement a...
The Department of Energy (DOE) announced on Monday, June 23, that the government has reached an agreement with oil companies for the staggered implementation of domestic petroleum price adjustments. In a statement, DOE Officer-in-Charge Sharon S. Garin said this measure was taken in response to...
The country’s grip on foreign direct investment (FDIs) appears to be slipping rapidly in the downstream oil sector, with industry insiders drip-feeding intel that American energy giant Chevron Corporation is already laying the groundwork for a prospective strategic exit – and that’s signaling...
Senator Sherwin Gatchalian said on Saturday, June 21, that the government can release a ₱2.5-billion fuel subsidy fund to cushion the impact of rising oil prices on the transportation, agriculture, and fisheries sectors, with the Israel-Iran conflict driving up fuel costs. In an interview on...
The escalating tensions in the Middle East, which are expected to drive up fuel prices significantly, should prompt the Philippines to accelerate its transition to renewable energy (RE), according to a trade envoy. George Freeman, the United Kingdom’s (UK) trade envoy to the Philippines, said...
Senator Sherwin Gatchalian on Friday, June 20 said the government should be ready to provide subsidy if the Dubai crude oil breaches the US$80 per barrel threshold. Gatchalian made the call as he expressed alarm over the increasing tension between Israel and Iran and which has pushed a global oil...
A big-time fuel price hike, estimated at nearly ₱5 per liter, is set to rock motorists next week, driven by external shocks from escalating Middle East tensions. Based on the four-day Mean of Platts Singapore (MOPS), gasoline could see an upward adjustment of ₱2.50 to ₱3.20 per liter, with...
The market is on edge due to the recent geopolitical tensions between Iran and Israel, prompting the Philippines to brace for potential price increases at gas pumps next week. Jetti Petroleum has indicated that the escalating conflict could impact the supply and transportation of crude oil...
Recognizing that the ongoing tensions between Israel and Iran would eventually hit oil prices, President Marcos said fuel subsidies will be given to those who will be heavily affected. The government, Marcos said, will replicate what it did during the Covid-19 pandemic, where fuel subsidies were...
Motorists will need to tighten their belts once more as fuel prices are set to increase this week. Effective Tuesday, June 17, gasoline and diesel prices will both inch up by ₱1.80 per liter, while kerosene will go up by ₱1.50 per liter. These adjustments have been announced by Shell Pilipinas,...
