Phoenix hikes gas prices
By Tetch Torres-Tupas
Independent oil firm Phoenix Petroleum Philippines increased prices of its petroleum products starting Tuesday at 6 a.m.
Independent oil firm Phoenix Petroleum Philippines increased prices of its petroleum products starting Tuesday at 6 a.m.
Agro-based products, minerals and petroleum helped keep merchandise exports stable for March, slightly reversing the negative trend posted in the last two months, the National Economic and Development Authority said.
Oil was up in Asia on Friday on market speculation the OPEC cartel would cut output ahead of a meeting next month to stop Brent crude prices — which remained below $100 a barrel — from falling further.
Publicly listed Philex Petroleum Corp. has increased its stake in oil and gas exploration firm Pitkin Petroleum Plc to 50.28 percent from 18.46 percent.
Local oil companies were to cut prices of petroleum products one stroke after midnight Friday to reflect the continued decline of oil prices in the global market.
Philex Petroleum Corp., led by businessman Manuel V. Pangilinan, posted a net loss of P1.09 billion last year, a reversal of the P537 million net income it registered in 2011.
Chevron, one of the world’s leading energy firms, has forged an agreement with The Bosch Group to jointly open 500 car service workshops and retail shops across five countries in the region, including the Philippines.
Philex Petroleum Corp., led by businessman Manuel V. Pangilinan, posted a net loss of P132 million in the first nine months of 2012, a reversal of the P472-million net income it posted during the same period last year.
Oil prices rose Monday after violence in Lebanon sparked fears of wider unrest in the Middle East.
A group that claims to be independent of the oil companies has cleared them of accusations of overpricing and collusion, saying there has been no “extraordinary” movements in pump prices in the country nor have there been exorbitant profit margins over the past years.
Phoenix Petroleum Philippines Inc. plans to double its nationwide distribution footprint to 500 outlets in the next five years while expanding commercial space offered for lease in selected outlets to complement its selling of petroleum products.
The country’s national energy conservation program saved the equivalent of 27.48 million barrels of fuel last year, an 11 percent increase compared to the previous year’s savings, a regional official of the Department of Energy said.
