Saturday, March 25, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home News

Crude costs drop $20/bbl, price rollback seen

Alena Mae S. FloresMaricel CruzbyAlena Mae S. FloresandMaricel Cruz
March 16, 2022, 1:40 am
in News, Top Stories
Reading Time: 3 mins read
A A
Share on FacebookShare on TwitterShare on Email

Fuel prices could fall by as much as P10 a liter next week if world prices continue to slide, industry sources said Tuesday, after crude dropped by $20 a barrel amid reports of ceasefire talks between Russia and Ukraine and COVID-19 lockdowns in China that could dampen demand for oil.

PEDAL POWER. The billboards of the new adjusted prices of Petron in Visayas Avenue, Caltex, and Shell on G. Araneta Avenue, all in Quezon City. Ben Briones

Reuters reported Monday that Brent crude dropped to $100.95 per barrel, while the US West Texas Intermediate (WTI) crude slid below $100 for the first time since March 1.

“There is good news. There will be a price rollback,” one source told the Standard but adding that the trading numbers

in the remaining four days would provide a clearer picture of the extent of the rollback.

“Let’s hope the downward trend continues,” said the source, who asked to remain anonymous.

ADVERTISEMENT

In March alone, gasoline went up by P11.90 per liter and diesel shot up by P19.80 per liter, reflecting the volatility of oil prices in the world market.

Meanwhile, San Jose del Monte City Rep. Florida Robes urged the government to immediately release subsidies for public utility vehicle drivers and operators as a way to mitigate the effect of runaway fuel prices.

Robes, chairperson of the House committee on people’s participation, said the Russian invasion of Ukraine in the past weeks has raised the prices of crude oil to more than US$110 per barrel in the world market.

This has led to an exponential increase of local prices of petroleum products by ₱3.60 on gasoline per liter, ₱5.85/l on diesel, ₱4.10/l on kerosene and P3 per kilogram for liquefied petroleum gas last week, the lawmaker said.

This has dramatically increased gas prices from P59 to P62 on average per liter of diesel, P68 to P75 average per liter of gasoline, and P1,053 per 11-kg cylinder of LPG.

The 2022 General Appropriations Act (GAA) provides for at least P5 billion in automatic fuel subsidy whenever world oil prices breach US$80 per barrel.

Robes said the runaway price in petroleum products is expected to further burden the already long-suffering public utility drivers who have yet to recover from the ill effects of the COVID-19 pandemic.

“The DoTR and the LTFRB are tasked to issue the fuel subsidies. However, it is taking some time to release the assistance supposedly due to certain requirements needed from drivers,” Robes said in her Resolution.

She said the exponential increase in oil prices has created “an extraordinary situation for our drivers that needs immediate and decisive action from our government offices, particularly in this case, the DOTr and LTFRB.”

The two agencies “should be mindful of the exigency of the situation and proceed with dispatch the immediate release of the fuel subsidy in order to give reprieve to our public utility drivers who are still reeling from the economic effects of the COVID-19 pandemic,” Robes said.

Tags: COVID-19fuel priceRussiaUkraineUS West Texas Intermediate
ADVERTISEMENT
Alena Mae S. Flores

Alena Mae S. Flores

Maricel Cruz

Maricel Cruz

Related Posts

Group behind Negros slays

byRey E. Requejo
March 25, 2023, 1:50 am
0
8
Soriano named comms adviser

DOJ: 7 to 10 people did Degamo, other killings; Abalos rips Teves 'script' Justice Secretary Jesus Crispin Remulla on Friday...

Read more

DOJ eyes divers to rate oil spill, PCG says too risky

byRey E. Requejoand1 others
March 25, 2023, 1:40 am
0
8
PBBM looks at faster cleanup of oil spill, Japan sends expert help

Justice Secretary Crispin Remulla has asked the Office of Civil Defense to mobilize divers to the site of the MT...

Read more

Speaker: House for Con-con but open to discuss Senate Con-ass

byMaricel Cruzand2 others
March 25, 2023, 1:30 am
0
8
Journalist, former UP CMC dean Luis Teodoro passes away at 81

The House of Representatives is abiding by its bills seeking a constituent convention (Con-con) to amend the Constitution, but Speaker...

Read more

PH tells China sea issues remain ‘serious concerns’ for Filipinos

byRey E. Requejo
March 25, 2023, 1:20 am
0
8
112 pupils hospitalized in fire drills

The Department of Foreign Affairs on Friday acknowledged that maritime issues, especially in the West Philippine Sea, “continue to remain...

Read more

Power supply fine, still note Earth Hour

byJoel E. Zurbano
March 25, 2023, 1:10 am
0
8
LNG Terminal gets clearance from DOE

The government has asked local officials to join the Earth Hour celebration and encourage their constituents to switch off lights...

Read more

At least P1 oil price rollback up next week

byAlena Mae S. Flores
March 25, 2023, 1:00 am
0
8
Gasoline hike

The country's oil firms will likely cut pump prices by as much as P1.50 per liter effective Tuesday to reflect...

Read more

Print Edition

View More

Recent Posts

  • Dog Tear Stains: Cause and Treatment
  • Rodents as Pets
  • Women power on spotlight at Zampen Open Water swim
  • PRURide is back: Gear up for PH’s biggest cycling festival
  • Ramos, Bravo top Ironkids in Davao
  • FEU brushes off UP in UAAP women’s volley
  • Fajardo, Brownlee lead 28-man natl pool for SEA Games
  • Solar company heats up the power game in PH

Advertisement

Latest News

FEU brushes off UP in UAAP women’s volley

byManila Standard
March 25, 2023, 7:50 pm
0
8
FEU brushes off UP in UAAP women’s volley

Far Eastern University swept University of the Philippines, 25-22, 25-19, 25-20, for a winning start in the second round of...

Read more

Fajardo, Brownlee lead 28-man natl pool for SEA Games

byManila Standard
March 25, 2023, 7:40 pm
0
8
PBA to hold special draft for Gilas  Pilipinas

A year after the Philippines conceded the gold medal in men’s basketball to Indonesia during the rescheduled 31st Southeast Asian...

Read more

Solar company heats up the power game in PH

byOthel V. Campos
March 25, 2023, 7:30 pm
0
8
Food services company links with LP4Y to empower young women

Former Energy secretary Vince Perez and Solar Pacific Energy Corp. chief executive Mike Lichtenfeld quickly bonded when they first met...

Read more

Bank executive named one of the Young Global Leaders class of 2023

byManila Standard
March 25, 2023, 7:20 pm
0
8
Food services company links with LP4Y to empower young women

EastWest Banking Corporation executive director and vice president Isabelle Gotianun Yap is part of the new crop of Young Global...

Read more

Avon honors the diversity of Filipina beauty

byManila Standard
March 25, 2023, 7:10 pm
0
8
Food services company links with LP4Y to empower young women

Driven by the desire to support women and the causes that matter most to them, globally renowned beauty brand Avon...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App