Renewed geopolitical tensions this week threaten to drive oil prices higher next week. Based on four-day trading averages for the Mean of Platts Singapore (MOPS) and foreign exchange rates, local diesel prices could climb by ₱1.75 to ₱2.25 per liter, while gasoline could spike by ₱1.00 to...
CALACA, Batangas- Two individuals were arrested for oil pilferage when they were caught in the act of siphoning residual gasoline from an oil tanker in Barangay Quizumbing on Monday morning, Aug. 17. Arrested were suspects named as Jayson and Joven, residents of the said place. At about 9 a.m.,...
Fuel prices are set to surge this week, snapping a two-week streak of rollbacks as mounting geopolitical friction and regional supply constraints weigh on the local market. Effective Tuesday, Aug. 18, domestic oil companies will raise diesel prices by ₱3.84 per liter and gasoline by ₱2.49 per...
President Marcos bared that the discussions on joint oil and gas exploration with China have "moved forward" and are "making progress." Stressing the urgent need to diversify the country 's oil sources amid the Middle East crisis, Marcos said the country needs to explore its options and take...
DAVAO CITY – A Davao City councilor is urging Congress to enact legislation that will re-establish the Oil Price Stabilization Fund (OPSF) to help cushion the impact of fluctuations in fuel prices on Filipino consumers and key economic sectors . In a resolution, Councilor Danilo Dayanghirang,...
Fuel price rollbacks may come to an end next week, as global market forecasts point to potential price hikes. Based on the four-day Mean of Platts Singapore (MOPS) trading average, diesel prices could increase by ₱3.75 to ₱4.25 per liter, while gasoline prices could rise by ₱2.50 to ₱3.00...
BEIRUT (AP) — Oil leaking from a tanker grounded off the coast of Oman is not only endangering a nearby island but has now also reached beaches on the Gulf Arab country 's mainland, to the north of the island, Oman’s environment authority said Wednesday. Crude oil has been leaking from...
Flag carrier Philippine Airlines (PAL) swung to a net loss in the first half of the year as escalation in Middle East geopolitical conflict pushed jet fuel expenses sharply higher, overwhelming steady top-line growth and disciplined non-fuel spending. PAL’s parent firm PAL Holdings Inc. reported...
Motorists and businesses are set to receive relief this week as local retail fuel prices record significant declines, driven by lower international benchmark costs and a stronger local currency. Effective Aug. 11, local pump prices for gasoline will decline by ₱4.70 per liter, diesel by ₱4.30...
Motorists are on track for a second consecutive week of relief at the pump, with local fuel prices projected to fall by as much as ₱5 per liter as diplomatic movements in the Middle East pull down global crude benchmark rates. Based on four-day trading averages from the Mean of Platts Singapore...
Malacañang said that the P12-per-liter fuel discount for public utility vehicle (PUV) drivers will continue as long as the transport sector needs government assistance amid the impact of higher fuel prices. In a press briefing on Thursday, Aug. 6, Presidential Communications Office (PCO)...
The government will increase the fuel discount for jeepney and UV Express drivers to P12 per liter starting Aug. 15 as part of efforts to cushion the transport sector from the impact of tensions in the Middle East, Malacañang announced. The higher discount, ordered by President Marcos, will allow...
