Oil price up 1.20 P / l, 9th in a row

Domestic prices at the pump are likely to rise to as high as 1.20 pesos per liter for fuel prices this week to reflect price movement in the global oil market. This developed when BAYAN Muna party list representative Carlos Isagani Zarate challenged Energy Secretary Alfonso Cusi to ask President Rodrigo Duterte to certify Bill 4711 to regulate the industry. petroleum. He urged fellow lawmakers to speed up hearings on the bill, saying: “With another significant rise in oil prices on the horizon, it is imperative that the downstream oil industry be re-regulated for protect our consumers in high demand ”. Unioil Petroleum Philippines announced over the weekend that gasoline will increase from P1.10 to P1.20 per liter while diesel will increase from P0.40 to P0.50 per liter. The move will trigger the ninth consecutive weekly increase in oil prices due to the tight supply of petroleum products on the world market. Global oil prices have risen 8.65 pesos per liter for diesel and 7.20 pesos per liter for gasoline in the past eight weeks alone. On October 19, the oil companies implemented an increase in the price of domestic petroleum products of 1.80 pesos per liter for gasoline, from 1.40 pesos to 1.50 pesos per liter for diesel, and 1.80 pesos per liter for diesel. 30 pesos per liter for kerosene. This has resulted in adjustments since the start of the year to a total net increase of 19.65 pesos per liter for gasoline, 18 pesos per liter for diesel and 15.49 pesos per liter. for kerosene. The Energy Ministry observed that improving the COVID-19 situation, easing mobility restrictions and reopening borders by many countries fueled prospects for increased demand for oil. He said reopening borders and resuming interstate travel to Thailand and Malaysia, respectively, contributed to the bullish market sentiment. The decline in China’s gasoline exports, which is expected to persist in the fourth quarter, also continues to tighten the Asian gasoline market. Zarate said: “This week’s increase added a total of P 8.65 per liter to diesel pump prices. Since the start of 2021, diesel has seen a net increase of P 18 per liter. Gasoline prices now stand at P 7.20 per liter. Gasoline too has seen a net increase of P19.70 per liter since the start of the year. “Next week another peso would be added . Next week would be the ninth consecutive week of rising oil prices. This is too much especially since many consumers are now unemployed and others are underemployed. ”He said oil deregulation had allowed oil price increases to go unchecked. being a sensitive commodity, because price directly affects the cost of almost all other goods and services, as well as transportation, deregulation has given transnational oil companies even more leeway to influence the cost of living, livelihood , business and commerce, the country’s employment, and the national budget, he lamented. “There is an urgent need to regulate the oil industry to protect the majority of Filipinos from the current skyrocketing increases in oil prices, “he said.” Regulation can only be effective and truly beneficial if it is part of a program to institutionalize national oil industrialization. , so that local oil prices can be brought down to unreasonable and unjustifiable levels set by giant transnational oil companies and can be prevented from falling prey to new monopoly prices and manipulations, “he added. Law 4711 requires the regulation of the petroleum industry through the creation of a petroleum regulatory council and a buffer fund which will serve only to cushion the impact on consumers against drastic increases in petroleum prices, unlike the an oil price stabilization fund that reimbursed oil companies for “cost under-recoveries, according to Cusi.” We are now challenging Energy Sec. Alfonso Cusi to ask President Duterte to certify Bill 4711 to re-regulate the downstream oil industry as well as the unbundling of oil prices that we have been calling for since 2018, “he said. hope that now the House leadership and the Energy Ministry will really push for the speedy approval of this bill so that we can help our compatriots, “he noted. Meanwhile, in the midst of With soaring oil prices in the world market, the DOE carried out spot-on quality and quantity inspections at gas stations in Metro Manila last Thursday. The DOE-Oil Industry Management Bureau carried out the inspections Among those that were sampled by the DOE team were the Clean Fuel Station along Kamagong Street and the Ramon P. Torres Petron Service Center in San Antonio, Makati. ”It is unfortunate that the outbreaks current oil prices are caused by factors beyond our control. However, the DOE is committed to helping our consumers, and one way to do this is to ensure that petroleum products in our domestic market meet both national quality and quantity standards, ”Cusi said. in a press release. As part of the inspection, 10 liters of gasoline samples were collected and placed in a calibration canister to determine the quantity, while one liter of gasoline sample was collected in bottles for determine their quality. , following the sampling and testing procedures prescribed by the Philippine National Petroleum Standards. The results showed that both gas stations passed the calibration test for the amount of fuel. The samples were also forwarded to the ministry’s energy research and testing laboratories for quality and confirmation testing. The DOE team also checked the general condition of the pumps and distribution facilities as well as the service station’s Certificate of Conformity. The DOE issues COCs to service stations, also known as liquid fuel retail outlets, which have been found to comply with the “Rules and Regulations Governing Liquid Fuel Retail Business”. “We do these spot inspections to make sure our consumers are getting their money’s worth, especially since we are still in a battle against COVID-19. Every penny counts, ”Cusi said. “This is also why we attach great importance to the realization of energy. security, because we no longer want to be at the mercy of the volatility of the world market, “he added.

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