The Wutz Up in the Philippines!

MANILA,Philippines - Pilipinas Shell, Petron, Chevron, and Seaoil Philippines yesterday led a price cut on diesel by 25 centavos per liter and kerosene by 75 centavos per liter.

Shell spokesman Roberto Kanapi said the price rollback, effective today, reflected the decline in international oil prices.

Domestic pump prices are expected to drop after an issuance of an executive order lowering the tariff on imported petroleum products from the ASEAN region.

The Department of Energy (DOE) estimated the EO 850 to result in a 70-centavo per liter reduction, but the oil firms have yet to implement the rollback.

Shell said this is just part of the weekly adjustment of prices relative to international oil market trend.

Energy Secretary Angelo Reyes said last week the impact of the EO should have been reflected this week.

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MANILA — A regional trial court has ordered three major oil industry players in the country to open up their book of accounts for audit by government agencies for alleged monopoly.

In an order, Judge Silvino Pampilo of the Manila Regional Trial Court (RTC) Branch 26 granted the petition of a party-list group Social Justice System (SJS) seeking to compel the so-called “Big Three” –- Petron, Shell and Chevron — to open up their books to be examined by the Commission on Audit (COA), the Bureau of Internal Revenue (BIR) and Bureau of Customs (BOC).

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MANILA, Philippines—Following the move of major oil players, PTT Philippines have raised prices of gasoline by P1 a liter, and diesel, by P0.50 a liter, effective 12:01 a.m. Wednesday.

On Tuesday, Petron Corp., Pilipinas Shell Petroleum Corp., Chevron Corp., Eastern Petroleum Corp., Flying V Philippines and Seaoil led the new round of price increases. [Read Full Story]

Chevron Spokesman Mark C. Quebral told a briefing yesterday the bioethanol-blended fuel would become available in more than 500 stations nationwide by the end of the year.

Chevron, like its competitors, has just started selling gasoline with 10% ethanol blend (E-10). The law requires oil companies to sell cleaner fuel starting next month.

Chevron said key terminals and depots that include Poro in La Union, Sasa in Davao City, Lapu-Lapu in Cebu, Batangas and Pandacan, Manila will start blending and distributing E-10 fuel within the quarter. At present, only 60 out of Chevron’s 840 stations sells the E-10.

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