AFTER increasing the price of diesel, gasoline and kerosene by as much as P2.50 per liter in March, oil companies have again adjusted the pump price of petroleum products by 50 centavos to reflect the continuous surge of world oil prices.

On Saturday morning Chevron Philippines Inc., Petron Corp. Pilipinas Shell Petroleum Corp. and Total (Philippines) Corp. raised fuel prices by P0.50 a liter, the first increase for the month.

A source warned that consumers should brace for more increases until the end of the month.

The source noted that Dubai crude averaged $96.76 per barrel in March, from $90.02 per barrel in February.

The Department of Energy (DOE) monitoring said Mean of Platts Singapore (MOPS)-based unleaded gasoline is averaging $110.46 a barrel in March, from $105.07 a barrel in February.

MOPS-based diesel, according to the DOE, also average $126.21 a barrel in March, from to $113.32 a barrel in February.

Effective April 1, the cut in import duties to 1 percent in April from 2 percent in March has took effect, resulting in a reduction of P0.25 per liter for all products and P0.50 per liter for diesel.

The trigger point for cutting import duties from 3 percent to 2 percent is $83 per barrel for Dubai and $105 for MOPS-based diesel, including cost of freight and insurance premiums.

The trigger point to cut import duties from 2 percent to 1 percent is at $92 per barrel for Dubai crude and $110 for MOPS-based diesel.

For a zero import duty, the trigger point is set at $103 per barrel for Dubai and $115 per barrel for MOPS-based diesel; however, this excludes cost of freight and insurance premiums.

On Tuesday, the DOE reported that the country’s total oil import slightly increased last year, compared with 2006 owing to the continuous surge in world oil prices.

“The country’s total oil-import bill has increased by 10 percent to $8.8 billion last year from $8 billion in 2006, with oil prices last year reaching record-high levels compared with 2006,” the DOE said.

A table the DOE furnished to reporters showed that total oil-import volumes inched up by 0.7 percent to 120.1 million barrels last year, from 119.3 million barrels in 2006.

The DOE further noted that fuel consumption has increased by 0.6 percent with the country’s net oil-import volume posting 101.4 million barrels last year from 100.8 million barrels in 2006.

APART from putting money into the local farm sector, local agricultural producers also pushed for the need to ensure that their efforts to become competitive will not be threatened by the possibility of cheap and subsidized imports competing against their own produce.

PUBLICLY listed technology firm IPVG Corp. aims to increase its funds in a bid to buy more business-process outsourcing (BPO) companies this year, its deputy chairman told the BusinessMirror.

LOCAL sugar producers said  the Philippines is already self-sufficient in sugar as the industry is projected to produce 2.34 million metric tons (MMT) of the commodity for this crop year ending August 31.

EMERGING provinces of China have expressed interests in putting up investments in the Philippines, particu-larly in industrial parks, garments manufacturing, trading and resort development in the country, said the Philippine consulate in Shanghai.

COMING closer to fulfilling its commitment to bring in additional capacity in order to meet the growing demand in Subic Bay Freeport, Aboitiz Power Corp.’s (APC) subsidiary Redondo Peninsula Energy Inc. (Redondo Peninsula Energy) has recently issued a letter of award to Formosa Heavy Industries.

THE PLDT (Philippine Long Distance Telephone Co.) Group unveiled last week a wireless-security solution for business owners that will help them secure their facilities and prevent theft at a fraction of the traditional costs.

AFTER increasing the price of diesel, gasoline and kerosene by as much as P2.50 per liter in March, oil companies have again adjusted the pump price of petroleum products by 50 centavos to reflect the continuous surge of world oil prices.

DAVAO CITY—Business and conventions attracted many of the visitors here and the nearby provinces and outbound travelers have not become the monopoly of urban dwellers nowadays.