Downstream Oil Industry

Oil firms cleared on TRAIN pricing violations — DOE

The Department of Energy (DOE) has cleared oil companies that reportedly hiked prices even before the Tax Reform for Acceleration and Inclusion (TRAIN) Law took effect last month.

However, three liquefied petroleum gas (LPG) retailers have violated administrative regulations and would be meted with penalties, DOE assistant secretary Leonido Pulido said.

“So far we’re still validating. We compared their submissions with historical data and so far, there are no violations,” he said.

PH, China OK joint SCS oil exploration

The Philippines and China have agreed to set up a special panel to work out how they can jointly explore oil and gas in parts of the South China Sea (SCS) that both sides claim without having to address the explosive issue of sovereignty.

China claims most of the South China Sea, where $3 billion in sea-borne trade pass every year, and has competing claims in various parts of it with Brunei, Malaysia, Taiwan, Vietnam, and the Philippines.

Talks of cooperation on SCS marine protection, oil, ‘productive’

MANILA — The governments of the Philippines and China on Tuesday had a “productive” discussion on strengthening cooperation in areas of marine environmental protection, fisheries, marine scientific research (MSR), and on oil and gas.

This, “without prejudice to their respective positions on sovereignty, sovereign rights, and jurisdiction,” said a joint statement issued after the second meeting of the Philippines-China Bilateral Consultative Mechanism on the South China Sea (BCM).

Oil firms implement price rollback

OIL companies, after implementing oil price hike for six consecutive weeks that prompting the  
Department of Energy (DoE) to demand an explanation, implemented a big-time oil price rollback
effective today.
Flying V, one of the so-called independent oil industry players, spearheaded the
announcement of rollback in pump prices of their petroleum products, pegging at P1 the decrease in
pump prices per liter of their gasoline, P1.30 in diesel, and P0.85 in kerosene. The rollback took
effect at 12:01 a.m. today.
   

DOE sets ‘data analytics’ on inventory of oil firms

To systematize the audit and validation of oil firms’ inventories on next year’s round of excise tax hikes under the Tax Reform for Acceleration and Inclusion (TRAIN) Act, the Department of Energy (DOE) said it will employ data analytics in scrutinizing report submissions of the industry players.

Excise taxes of petroleum products will be on an uptick again in 2019, and inventory submission at cut-off date of December 31, 2018 will be a repeated scenario for the oil companies at the start of the year.

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