Quantcast
Latest Stories

Fuel prices to go down on strong peso, optimism over Syria

By

MANILA, Philippines—A substantial drop in gasoline prices with smaller rollbacks for diesel and kerosene will take place Monday morning amid a stronger peso and easing market jitters over the turbulence in Syria.

Oil firms Petron and Shell will push back pump prices for gasoline by P1.60 per liter. Diesel and kerosene prices will soften at the more modest rates of 80 centavos per liter and 85 centavos per liter, respectively. While other oil firms had not made similar announcements as of Saturday, they tend to track each other’s prices.

Including adjustments for the week, the year-to-date net increase in gasoline stood at P1.94 per liter while that of diesel remained at P3.28 per liter.

Last week, international oil prices fell amid US-Russia meetings in Geneva on the prospects of Syria giving up its chemical weapons and having a transitional government. That and a stronger peso (which hit a one-month high on Sept. 11) suggested that prices may soften in the Philippines since nearly all of the country’s fuel products are imported.

The local currency closed Friday at P43.86 against the greenback, a slight gain from the P43.89 on Thursday.

Oil prices, however, did not drastically plunge amid the lower output from the Organization of Petroleum Exporting Countries (Opec), whose supplies averaged 30.32 million barrels per day in August, down from a revised 30.50 million bpd the previous month, according to the Department of Energy’s Oil Monitor.

Also holding up prices were upward revisions in Japan’s second-quarter growth data and a surprise surge in Chinese factory output in August (boosting hopes of economic recovery in the world’s No. 2 economy after the US). These continued to stoke oil demand.

The Oil Monitor also said that Russian President Vladimir Putin’s continued support for Syria and the news that the US Federal Reserve will keep its economic stimulus measures in place longer than expected pushed prices up the previous week.

In the Asian market, Platts said the region’s gasoline may “find support” from US benchmark gasoline prices although regional fuel prices had been stable to bearish in previous weeks.

Syria is not a major source of crude oil but its proximity to— and relations with—major oil producers such as Saudi Arabia, Iran and Kuwait make it a market to watch for fuel traders.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Fuel Prices , Oil Price Hike , Petron , Shell , syria

  • Ben

    Hello, Where is the ethanol? blending will further lower our oil import, but I guess there are so much greedy and corrupt people in the government always planning for the short term, very obvious waiting for what is a rich milking cow for their evil ways….that`s why they put it in the back burner…

  • earlrichards

    To stop the gasoline price, rip-off, plug your Tesla S, electric car into your household, solar array.



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Quezon City cops carry crosses to atone for their sins
  • Tens of thousands travel by sea this Holy Week
  • Police: Dad smothered toddler to play video game
  • 7 killed in shooting in China-Vietnam border
  • Chinese trade group to mediate shoe factory strike
  • Sports

  • Pacquiao shorts in Bradley fight sold for P1.7M in LA auction
  • Ryu pitches Dodgers past Giants
  • Alonso sets the pace in Chinese GP practice
  • Heat seek Three-peat but Spurs, Pacers top seeds
  • Can Spurs get back at Heat? Can they survive West?
  • Lifestyle

  • Levine designs womenswear with help from fiancee
  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • Entertainment

  • EXO postpones release of mini album ‘Overdose’
  • ‘X-men’ filmmaker slams ‘fabricated’ sex attack claims
  • Singer Chris Brown’s bodyguard on trial in DC
  • Whoopi Goldberg debuts as marijuana columnist
  • ‘X-men’ director accused of sex assault on teen boy
  • Business

  • Italy sells luxury state cars on eBay
  • Asian shares mostly up in quiet trade
  • Dollar up in Asia on US jobs data, Ukraine deal
  • Barbie doll has a problem
  • Oil prices mixed ahead of long Easter weekend
  • Technology

  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Filipinos #PrayForSouthKorea
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • DoH denies Filipino nurse no longer positive for MERS virus
  • WHO warns vs spread of MERS-Cov, urges vigilance in taking precautions
  • Last call for nominations to ’14 Presidential Awards
  • San Francisco business coalition slams proposed tax on sugary drinks
  • A ‘time-travel’ production of ‘Les Miserable’ at Stanford
  • Marketplace