OIL companies have again adjusted the price of diesel, gasoline and kerosene by 50 centavos a liter to further reflect the continuous surge of world oil prices.

Over the weekend, Chevron Philippines Inc., Petron Corp., Pilipinas Shell Petroleum Corp., Total (Philippines) Corp., and Unioil Petroleum Philippines Inc. implemented their respective oil-price hikes.

The latest increase brings the total amount of increase to one-peso per liter in the month alone.

According to the Department of Energy’s (DOE) latest monitoring, Dubai crude averaged $98.03 a barrel this month from $96.76 per barrel in March.

Effective April 1, the cut in import duties to 1 percent in April from 2 percent in March has taken 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.

The DOE earlier 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.

The DOE added the country’s net oil-import bill has increased by 13.6 percent to $7.5 billion last year, from $6.6 billion in 2006.

ATTUNED to its thrust of bidding out its interests in several utilities and companies, the government is currently contemplating whether it will sell out Philippine National Oil Co.’s (PNOC) 40-percent interest in local refiner Petron Corp.

THE ailing garments industry, now facing tougher times with the economic slowdown in the US, its main market, has asked the government to put up a unit similar to the defunct Garments and Textile Export Board (GTEB) that will help in the marketing efforts abroad and in the gathering of industry data globally.

ALFONSO, Cavite—Government-run Power Sector Assets and Liabilities Management Corp. (Psalm) is looking at prepaying some $300 million worth of yen-denominated loans of the National Power Corp. (Napocor) within the year.

SPEAKER Prospero Nograles has expressed support for a new wage increase even as he urged the regional tripartite wage boards to meet immediately to come up with regional rates calibrated to enable both the employees and the employers to cope with the existing economic situation.

Amid problems hounding the agriculture sector due to soaring rice prices, the National Irrigation Authority (NIA) continues to post cost increases for two more ongoing foreign-assisted projects, according to documents from the National Economic and Development Authority (Neda).

OIL companies have again adjusted the price of diesel, gasoline and kerosene by 50 centavos a liter to further reflect the continuous surge of world oil prices.