Oil smuggling in the country may have been costing the government as much P60 billion in taxes annually, or about double the industry’s earlier figures of only P30 to P35 billion yearly, according to Energy Secretary Jose Rene D. Almendras.

Manila, Philippines — After abstaining from enforcing price adjustments last week, big and small oil companies on Tuesday jacked up their pump prices by 50 centavos per liter. Imposing the price increase at 6 a.m. on Tuesday were oil giants Petron Corp., Chevron Philippines (formerly Caltex), and smaller oil firm Seaoil Philippines. Fernando Martinez, president of independent oil firm Eastern ...

OIL COMPANIES yesterday raised pump prices by fifty centavos per liter to reflect slightly higher world prices.

OIL COMPANIES Chevron Philippines, Inc., Seaoil Philippines, Inc. and Petron Corp. raised pump prices for kerosene, diesel and gasoline this morning.

MANILA, Philippines - Three oil firms on Monday evening announced P0.50 per liter increase in the pump prices of their oil products starting Tuesday early morning.

MANILA, Philippines - Independent oil player Seaoil Philippines, Inc. and Ocean Tankers Corporation (OTC) filed a formal complaint on Wednesday at the Department of Justice against 13 individuals for alleged petroleum pilferage committed in the high seas, meaning beyond the territorial boundaries of a specific local government unit.

To ensure that prices of electricity are accurate and fair, the Department of Energy is now urging investors to reflect the actual costs of their power projects, rather than to benchmark costs on the prices of oil and petroleum products in the international market.

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Big and small oil companies enforced at various times Tuesday their second price cut in as many weeks, this time slashing up to P0.75 a liter on their petroleum products. The country’s three oil giants – Pilipinas Shell, Petron Corp., and Chevron Philippines (formerly Caltex) – rolled back their respective prices of unleaded gasoline, premium gasoline, diesel and kerosene by P0.75 a liter.

Oil majors Petron Corp., Chevron Philippines and Pilipinas Shell Petroleum Corp. have slashed their prices of their premium gasoline, diesel and kerosene by 75 centavos a liter effective Tuesday.

TOKYO--(BUSINESS WIRE)--KVH Co., Ltd. and Singapore Telecommunications Limited, announced today that Tokyo Commodity Exchange and Singapore Mercantile Exchange (SMX) deployed KVH-SingTel's low latency network.

Petron Corp. will implement another round of price cuts effective Tuesday morning, the firm said in an advisory Monday.

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MANILA, Philippines - The Department of Energy (DOE) has confirmed a rollback of petrol prices next week.

The Department of Energy is finalizing guidelines that will allow local oil companies to import ethanol even after February 2011, to enable them to comply with the mandated 10-percent ethanol blending in all gasoline products.

One of the raging issues in the local auto industry these days is the recent implementation of the tax exemption among certain Japanese-made vehicles as mandated by the Japan-Philippine Economic Partnership Agreement (JPEPA). The bilateral free-trade agreement--signed in September 2006--aims to either reduce or eliminate tariffs on exported products and services between Japan and the Philippines.

THE country’s oil giants and independent oil players rolled back the prices of their petroleum products yesterday after increasing prices last week. The uniform price cut—worth P1 a liter—covered the prices of diesel, kerosene and all variants of gasoline.

The Aquino administration is setting its sights on energy security, focusing on the prospect of building oil storage facilities in the country. read more...

(UPDATE 2) Oil giant Pilipinas Shell Petroleum slashed prices of gasoline, diesel and kerosene and diesel by P1 a liter, effective Tuesday.

Pilipinas Shell will roll back the prices of its oil products effective Tuesday morning, an official said on Monday.