SMALL OIL PLAYERS LEAD P1 PER LITER ROLLBACK
MANILA, SEPTEMBER 3, 2008 (STAR) Another round of fuel price reduction greeted motorists yesterday but militant groups said the cuts were minimal and slow in coming.
Small petroleum players Flying V, Seaoil Philippines, and Unioil Philippines Inc. led yesterday’s rollback of P1 per liter.
Eastern Petroleum Corp., said its chairman Fernando Martinez, implemented its price cuts at 5 a.m. this morning.
The benchmark Dubai crude averaged $111.55 per barrel as of Sept. 2 as against the August 2008 average of $112.86.
Unleaded gasoline based on Mean of Platts Singapore (MOPS), the pricing gauge used by importers, was at $118.65 per barrel as of Sept. 2 or lower than the August 2008 average of $115.49.
The average MOPS Diesel, meanwhile, dropped slightly to $133.25 on Sept.2 from last month’s average of $135.26.
The international contract price of liquefied petroleum gas (LPG) went down substantially to $828 per metric ton in September from $881 per MT in August.
Bayan secretary general Renato Reyes said the latest cuts were not enough, considering that global crude costs have declined substantially.
“World oil prices have gone down to $110 per barrel. There should be tremendous pressure now on the oil firms to lower pump prices,” he said, adding the reduction should be at least P6 to P7 per liter.
Gov’t: Exports to reach $61B by 2010 Wednesday, September 3, 2008
The government expects exports to reach $61 billion by 2010 from this year’s target of $53 billion.
The projection is based on the Philippine Export Development Plan for 2008 to 2010 presented by the Export Development Council at the National Economic and Development Authority Cabinet group meeting in Palayan, Nueva Ecija yesterday.
Trade Secretary Peter Favila said the country’s export figures were modest compared to those of neighboring countries like Singapore, Malaysia, and Indonesia. But Favila said other Asian countries like Indonesia and Malaysia have fuel exports.
He said the country was able to achieve its export target of $50 billion in 2006.
For 2009 alone, merchandise exports are expected to hit $56.5 billion.
Exports of the services sector, meanwhile, is projected to reach $16.7 billion.
Favila said President Arroyo described the targets as respectable but would like to see them realized and sustained in the long term.
He said the President has issued a number of directives to help the country meet its export targets, including reducing the cost of power for manufacturers operating outside special economic zones.
In issuing the directive, Mrs. Arroyo was granting the request of the exporters themselves.
Favila said the Department of Trade and Industry will coordinate with the Department of Energy for an effective implementation of the directive. – Marvin Sy
Chief News Editor: Sol Jose Vanzi
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