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Gasoline prices to have 10 centavo/liter rollback; diesel prices to be cut by P1.05/liter (Eagle News) – Oil companies will once again implement a price rollback of petroleum products effective Tuesday, August 16, but much lower than previous price cuts in the previous weeks. Gasoline products will be reduced by 10 centavos per liter, while diesel prices will have a bigger slash of P1.05 centavos per liter. Kerosene prices will be reduced by 45 centavos […]
LONDON, United Kingdom (AFP) — Stock markets largely rose and oil prices retreated Monday as investors mulled the prospect of recession in the United States and elsewhere and central banks seek to tame soaring inflation with aggressive interest rate hikes. The dollar, which had surged on Friday on the prospect of further large increases in US borrowing costs, fell back on profit-taking at the start of the new week. Speculation is growing that the […]
TRIPOLI, Libya (AFP) — Libya’s oil production has returned to the volume recorded before a months-long blockade that paralysed the economy, official sources said on Sunday. “We are happy to announce that our production rates have reached the pre-force majeure levels” of 1.2 million barrels per day, Libya’s National Oil Corporation said on Twitter. Oil and Gas Minister Mohammed Aoun told AFP that he “confirms” production has returned to that level. On July 15, […]
HONG KONG, China (AFP) — Asian markets and oil prices fell Monday with a fresh Covid flare-up in Shanghai fanning fears of another economically painful lockdown in China’s biggest city. The news came after a forecast-busting US jobs report last week indicated the world’s top economy was coping so far with the Federal Reserve interest rate hikes, giving it room for more as it battles soaring inflation. Traders are also keeping tabs on developments […]
HONG KONG, China (AFP) — Oil prices rose Wednesday after suffering a painful drop the previous day, though the euro remained wedged at a 20-year low and equities mostly fell in Asia as recession fears continue to flow through trading floors. Both main crude contracts were pummelled Tuesday as investors grow increasingly worried that leading economies will contract this year or next owing to sharp central bank interest rate hikes aimed at fighting decades-high […]
3rd oil price hike lower compared to the the price increase in the last two weeks Gas prices to increase by P0.80 per liter, diesel prices up by P3.10 per liter (Eagle News) – Effective Tuesday, June 21, oil companies will implement another round of oil price increase, although less than the hike implemented in the previous two weeks. Various oil companies have already issued advisories on the 80 centavo increase per liter of gasoline, […]
by Anne BEADE, with Emeline Burckel in London Agence France Presse VIENNA, Austria (AFP) — OPEC+ members meeting on Thursday are expected to agree a marginal increase in oil production, bolstered by risks to demand amid coronavirus restrictions in China. Russia’s invasion of Ukraine has also added to supply concerns, which have increased with Europe’s announced moves on a potential Russian oil embargo. Prices soared on Wednesday, with Brent North Sea crude closing above […]
by Joshua Melvin with Alex Pigman in Brussels Agence France Presse ZAPORIZHZHIA, Ukraine (AFP) — The European Commission proposed a gradual ban on Russian oil imports Wednesday to punish Moscow for its invasion of Ukraine, as Russian forces pounded sites to the east of the country and hit targets in the far west near the EU border. The EU also pledged to “significantly increase” its support for Moldova, Ukraine’s neighbour that has seen a […]
PARIS, France (AFP) — Stock markets and oil prices fell in holiday-thinned trade Monday as traders digested weak Chinese economic data and a looming US interest rate hike. Equities kicked off the month of May on the wrong foot after Wall Street finished a tough April by closing sharply down on Friday following disappointing results from tech giant Amazon. Paris and Frankfurt were down in midday trading while London was closed for a bank […]
LONDON, United Kingdom (AFP) — World oil prices sank more than five percent Monday on fears that China’s worsening Covid outbreak could slam demand from the major energy consumer. Europe’s benchmark contract Brent North Sea crude fell as low as $101.20 per barrel and US WTI oil dropped to $96.85. China is struggling to get a grip on a renewed Covid outbreak that has forced Shanghai — the country’s biggest city — into lockdown […]
(Eagle News) – Another oil price hike is set next week where gasoline and diesel prices are set to increase between P3 to P4 per liter. Some oil companies have already issued advisories about the price hike that is scheduled on Tuesday, April 26. Unioil said that their diesel process would increase by P3.90 to P4.10 per liter, while gasoline prices would go up by P3 to 3.20 per liter. This is the second […]
HONG KONG, China (AFP) — Oil began inching upward on Thursday after a day of losses over demand concerns linked to the Covid-19 lockdown in China. Ongoing restrictions in the country, including in the economic hub of Shanghai where tens of millions are confined to their homes, have hit transport networks but traders are balancing the demand shock alongside threats to supply caused by the war in Ukraine with European Union countries mulling bans […]
