WHILE still trying to recoup their underrecoveries owing to the continuous increase in world oil prices, local oil companies gave public motorists a bit of relief from having to pay for expensive fuel by just increasing the price of diesel by merely P0.50 a liter over the weekend.

At the same time, Chevron Philippines Inc., Petron Corp., Pilipinas Shell Petroleum Corp., Total (Philippines) Corp. and Unioil Petroleum Philippines  Inc. announced that they have increased the price of gasoline by P1 a liter and kerosene by also P0.50 a liter.

Local oil companies still attributed the latest price adjustment to the continuous surge in world oil prices.  The latest adjustment brings gasoline prices up by as much as P3 per liter, and P2.50 this month alone for diesel and kerosene.

Petron and Total also announced a P0.50 per kilogram increase in the price of liquefied petroleum gas (LPG) due to the increase in international contract price of cooking gas.

According to the Department of Energy (DOE), oil benchmark Dubai crude averaged $115.46 per barrel this month, from $103.41 per barrel in April.  The DOE also noted that Mean of Platts Singapore (MOPS)-based gasoline averaged $126.26 per barrel this month from $118.08 per barrel in April, while MOPS-based diesel averaged $153.52 per barrel this month from $141.98 per barrel in April. The DOE added the price of LPG has also increased to $855.50 per metric ton this month from just $812 per metric ton in April.

As of May 10, the DOE reported that the per-liter price of unleaded gasoline ranged from P48.33 to P50.57; diesel at P41.17   to P43.47 per liter; kerosene, P45.65 to P48.80, and LPG ranging from P570   to P621.75 per 11-kilo tank.

FIRST Cagayan Leisure and Resort Corp. (FCLRC) would build a P4-billion airport in Cagayan province, which, when completed, would accommodate more casino-gaming players from the region.

DESPITE its recent pronouncement that no cost overruns will be approved, the interagency committee Investment Coordination Committee (ICC) Cabinet Committee (CabCom) has again endorsed to the National Economic and Development Authority (Neda) Board the approval of a $10 million worth “cost adjustment” for an agriculture project.

THE Board of Investments (BOI) vowed to address the concern of foreign business chambers that the 2008 Investment Priorities Plan (IPP) is not specific enough to be really effective in the guidelines that the agency is currently finalizing.

WHILE still trying to recoup their underrecoveries owing to the continuous increase in world oil prices, local oil companies gave public motorists a bit of relief from having to pay for expensive fuel by just increasing the price of diesel by merely P0.50 a liter over the weekend.

A CIVIC organization on Sunday urged Government Service Insurance System (GSIS) president Winston Garcia to “fully disclose” his alleged takeover plan of power distributor Manila Electric Co. (Meralco) to allay fears that the move “stands to favor several business interests.”