Rise in oil prices P1 / liter observed this week


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Consumers this week face another rise in oil prices of up to P1 per liter, reflecting price movement in the world oil market, the fifth consecutive price increase amid stronger global oil demand. Unioil Petroleum Philippines said on Sunday that consumers can expect fuel prices to rise next week from September 28 to October 4. liter, ”the company said. On September 21, the oil companies raised the prices of domestic petroleum products, in particular 0.80 P per liter for gasoline as well as diesel and 0.85 P per liter for kerosene. This has resulted in adjustments since the start of the year to a total net increase of 14.55 pesos per liter for gasoline, 12.05 pesos per liter for diesel and 9.70 pesos. per liter for kerosene. Crude oil prices have risen as the U.S. industry on the Gulf Coast of Mexico still struggles to resume full production after Hurricane Ida, according to Energy Department monitoring. The DOE said nearly 28% or about 513,000 barrels per day of U.S. production in the region remained offline as of September 16. In addition to supply issues in the United States, the DOE said driving activity continues to improve in major gasoline importing countries such as Indonesia. Meanwhile, the DOE last week issued a circular intended to ensure consistent and effective oversight of the activities of downstream oil industry participants in the country. Ministerial Circular DC2021-09-0029 or “Guidelines on Notices and Reporting Requirements under the Downstream Petroleum Industry Deregulation Act” was issued after the DOE held several consultations public services with the downstream petroleum sector. “This circular strengthens the Department’s mandate to continuously monitor the compliance of downstream petroleum industry participants with the implementation of existing rules and regulations requiring the submission of necessary notices and reporting requirements in accordance with the deregulation of the downstream oil industry, ”Energy Secretary Alfonso G. said Cusi said. The circular applies to all refiners, importers, bulk distributors, terminal operators / lessors, bunker traders, transporters and own users of crude oil and finished petroleum products as well as to all mixers, traders and own users base oils and downstream lubricants Petroleum industry.

The circular provided rules on the submission of documentary requirements and reporting templates regarding requirements for recognition or registration of downstream oil industry participants in accordance with the Downstream Oil Industry Deregulation Act. It also governs the required submission of notices and reports by participants in the downstream petroleum industry. Under the circular, participants are required to regularly submit to the DOE’s Office of Petroleum Industry Management their monthly, quarterly and annual reports on their profile, activities and inventory flow. Participants are also invited to submit special reports regarding maintenance shutdown, oil spill notification, weekly oil spill progress report, as well as calamity or damage assessment. emergency and a daily progress report on these issues. The circular takes effect 15 days after its publication in two newspapers with a large circulation. In order to provide a transition period, the use of new formats for notices and monthly reports will be implemented in the second month after the entry into force of the circular, while the use of the new formats for the quarterly report will be implemented the quarter following the entry into force of the circular. Failure to comply with the submission of notices or reports will result in the suspension of the recognition of the offending party as a downstream petroleum participant or of its accreditation as a biofuels participant. It could also result in the cancellation or suspension of any request or request from the relevant party to the DOE in connection with its operations. Administrative fines ranging from P 10,000 to P 50,000 may be imposed per offense, depending on the nature of the offense. Criminal proceedings can also be brought against the defaulting party, regardless of the imposition of such fines or the initiation of administrative action. The data on these advisories and reports will ultimately form part of the Philippine Power Plan’s Downstream Oil Industry Sector Report, which will be useful as baseline reports for the downstream oil industry.

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