Big oil firms put off fuel price hikes

He also noted that the price of Asian Dubai crude in May was only $25.57 per barrel while the average to date is $26.69 per barrel, for a difference of $1.12 per barrel. Also, the foreign exchange rate in May was around P50.53 to $1. Now, it is P51.58 to $1, he added. "There is something very i...

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Bibliographic Details
Published in:Business world (San Juan, Philippines) Philippines), 2001-06, p.1
Main Author: EVANGELINE L. MOISES AND CATHY ROSE A. GARCIA
Format: Article
Language:English
Subjects:
Corporate profits
Crude oil
Crude oil prices
Energy economics
Herrera, Ernesto F
Perez, Vincent
Price increases
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Summary:He also noted that the price of Asian Dubai crude in May was only $25.57 per barrel while the average to date is $26.69 per barrel, for a difference of $1.12 per barrel. Also, the foreign exchange rate in May was around P50.53 to $1. Now, it is P51.58 to $1, he added. "There is something very irregular here. To begin with, these oil companies are supposed to have a crude oil inventory good for 90 days. So they cannot just increase the pump prices based on recent increases in the cost of crude oil in the world market - Right now, they are still selling fuel products from crude oil shipments that were imported three months ago," Mr. [Eduardo R. Gullas] said. Bohol Rep. Ernesto F. Herrera is also calling for an investigation, saying that Petron Corp., Pilipinas Shell Petroleum Corp. and Caltex Phils., Inc. cannot claim to be losing money. Documents at the Securities and Exchange Commission (SEC) show otherwise, he said.
ISSN:0116-3930