Downstream Oil Industry

Mitigating oil price hikes

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The Tax Reform for Acceleration and Inclusion (TRAIN) Act, which kicked in at the start of 2018, is largely seen – rightly or wrongly – as one of the biggest reasons why consumers are seeing successive increases in the prices of goods.

The consumer price index (CPI), which measures the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care, was up 4.5 percent in April from 4.3 percent in March, an all-time high over a five-year period.

Why higher taxes on fuel should be suspended

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MANILA - The poor are bearing the brunt of rising commodity prices due to the first package of tax reforms, a lawmaker who is pushing for the suspension of higher duties on fuel said Wednesday.

Under Sen. Bam Aquino's proposal, additional excise taxes on petroleum products should be suspended if inflation breaches the Bangko Sentral ng Pilipinas' target for 3 consecutive months.

Unlike the price of oil in the world market or the value of the peso against the dollar, the government can control the implementation of taxes to provide relief to consumers, he said.

Coal-linked pricing for PH gas eyed

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Players in the domestic gas market are eyeing a pricing index that will be linked to coal prices – and for them to possibly institutionalize a Philippine gas pricing index like what other markets in Asia have already done.

“If we can link our gas price to coal and we can come up with competitive product, then that becomes compelling to our consumers,” First Gen President and Chief Operating Officer Francis Giles B. Puno has stated.

Cebu oil field starts production tests; drilling of 3 more wells up

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Production tests are ongoing at the Alegria oil field in southern Cebu ahead of commercial production, the Energy Department said over the weekend.

“Production testing is ongoing. If the flow is already stable, then actual production will succeed,” said Energy Secretary Alfonso Cusi, who was informed about the latest developments in the country’s first land-based oil field.

Cusi said during the production testing stage that equipment requirements would be procured as part  part of the development plan approved by the department.

DOE to require oil firms to unbundle prices of petroleum products

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A POLICY that will require oil firms to unbundle the prices of petroleum products will be issued at end-June this year, the Department of Energy (DOE) said on Tuesday.

The agency said this new policy enables the unbundling of the base prices of petroleum products—gasoline, automotive and industrial diesel, kerosene, jet fuel, bunker-fuel oil, and household and automotive liquefied petroleum gas. 


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