Downstream Oil Industry

Cusi to re-initiate ‘joint oil exploration’ talks with China

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Following the signing of a memorandum of understanding during the November visit of Chinese President Xi Jinping, Energy Secretary Alfonso G. Cusi has started knocking at the door of his counterpart Chinese official so they can flesh out terms on the proposed joint oil exploration at ‘conflict areas’ within the West Philippine Sea.


Cusi told reporters that he already started communicating with China’s National Energy Commission, which is the counterpart agency of the Philippines’ Department of Energy.


Pump prices to remain stable despite OPEC cut

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Domestic pump prices will likely remain steady even as the Organization of Petroleum Exporting Countries decided to cut back production starting January, an oil official said.


“I’m hoping a stable pricing with minimal increase or decrease of prices. No sharp movement on either direction with a more balance supply and demand situation after the announced cut of 1.5 million barrels daily,” Eastern Petroleum president Fernando Martinez said.


U.S. envoy cautions PH on oil deal with China

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The United States on Wednesday urged the Philippines to be cautious in the joint oil deal it is trying to pursue with China.

"I would expect they (Filipinos and the Philippine government) would be cautious in how they would approach this initiative given the dynamics in play, including the fact that both Philippines and China are claimants in the South China Sea dispute,"  U.S. Ambassador to the Philippines Sung Kim told CNN Philippines' The Source.

DOE: 444 retail stations now charging higher excise taxes on fuel

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More than 440 retail stations out of the 8,600 across the country are now using the second round of excise taxes on prices of petroleum products under Tax Reform for Acceleration and Inclusion (TRAIN) law, the Department of Energy (DOE) said Thursday.


The fuel stations are those of Flying V, Petron Corp., and Pilipinas Shell Petroleum Corp, DOE Energy Undersecretary Felix Fuentebella said during a press conference in Taguig City.


“Sila mismo nagsabi sa DOE … ‘We are implementing these already’,” Fuentebella told reporters.


Fuel firms wringing consumers warned

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In yet another warning to delinquent petroleum retail outlets exploiting the recent world price hikes to their advantage, Energy Secretary Alfonso Cusi yesterday cautioned fuel distributors to “cooperate, don’t violate” or they will have to face the consequences of their wringing of the consumers.


This developed as Cusi reiterated that there is an urgent need for retail outlets to heed the implementing guidelines for the second tranche of fuel excise tax. Failure to do so will mean closure of the erring companies.



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