Presidential Communications Operations Office



  PIA Bldg, Visayas Ave, Diliman, Quezon City, Philippines
  Thursday, 19 September 2019 News Before 1 Feb 2012. Click for Latest
Web PIA  
 
home
 
about
 
fotos
 
info
 
links
 
ncrr01carr02r03calmimr05r06r07r08r09r10r11r12r13
Region NCR Submenu
Latest News
News Headlines
Foto Releases
One Luzon
120129-ncr-partners

Parañaque City Mayor Florencio Bernabe, Jr. (second from left) is awarded a water-themed painting by Artist Ivan Acuña; the MWSI Special Partnership Award; and a plaque of recognition from Maynilad officials (from left) President and CEO Victorico P. Vargas, Chairman Manuel V. Pangilinan, Chief Operations Officer Herbert M. Consunji and Chief Finance Officer Randolph T. Estrellado during the 5th Anniversary Celebrations of the Maynilad Water Services Inc. which was held recently at the SM Mall of Asia. The Special Partnership Award was given in recognition of the contribution of the Parañaque City Government and Mayor Jun Bernabe for the continued expansion of MWSI water services in the city. (Photo By: Jun Budlat)
National Capital Region

PIA Press Release
Tuesday, January 17, 2012

Iran tension upping international oil price

by Domingo B. Natividad V

QUEZON CITY, Jan 17 (PIA) -– Prices of oil in the world market continue to be affected by Iran’s threat to disrupt the flow of a big part of the world’s oil supply.

This was revealed by Energy Undersecretary Zenaida Monsada for Oil Industry Management Bureau in a radio interview recently.

Monsada said a big part of the world’s crude supply will be partially disrupted if Iran pushes through with its plan to halt the travel of 30 percent of oil carrying sea cargos via the Strait of Hormuz.

“80 percent of the Philippines’ oil supply is passing through the Strait of Hormuz,” she said.

To address the possible oil supply problem, she said the energy department has encouraged the oil companies in the Philippines to source their supply from other countries not affected by the Iran tension.

For diesel alone, the DOE monitored the prevailing price in Metro Manila last week at P42.84 to P46.46 per liter.

Monsada also revealed that the energy department is also looking into other measures that will help bring down the local price of oil. Part of which is the installation of the Independent Review Committee that will check the level of profitability of oil companies.

For this purposes, she said Energy Secretary Jose Almendras has invited people who are doctors of philosophy and economics, professors of universities, and those from the business, transport, and other sectors to be a part of the committee.

Monsada believes that the committee will be instrumental in benchmarking the reasonable profit for the oil industry.

“With this, maybe we could give a guideline on what profit is reasonable for the oil industry,” she said.

Meanwhile, Monsada denied earlier reports, saying, Almendras has declared the rationing of oil supply in the country. She pointed out that the government has no capacity to import and distribute oil. (RJB/ DBNV/ PIA-NCR)

 
Latest Stories
  • Tagalog news: Metro Manila mayors tutugunan ang hamon ng climate change (NCR)
  • “Gabi ng Parangal” culminates Microinsurance month (NCR)
  • DPWH chief bats for long term solutions vs flooding, disasters (NCR)
  • ‘Asenso P’que Job Fair 2012’ set on February 7 (NCR)
  • Marikina launches project for small entrepreneurs (NCR)
  • NAPOLCOM clarifies issue on non-release of 2011 police entrance, promotional exams (NCR)
  • Coast Guard to get P1.6 billion more for new equipment (NCR)
  • DENR, BFAR intensify drive vs. marine pollution (NCR)
  • DA says sugarcane 'outperforms' other crops in 2011 (NCR)
  • PNP extends condolences, financial assistance to families of bomb blast victims (NCR)
  • National Archives, kailangan ng bagong gusali (NCR)
  • DA, LBP extend initial P400M Loan to rice farmers (NCR)
  • Makati opens 'SMART' summer program on Feb. 13 (NCR)
  • Coast Guard to beef up sea, air assets (NCR)
  • Marikina to host third leg of Philippine Water Runs (NCR)

    Philippine Official Gazette | Office of the President | Presidential Communications Operations Office
    For comments and feedback, please email PIA Newsdesk
    Copyright © 2005 Philippine Information Agency
    PIA Building, Visayas Avenue, Diliman, Quezon City 1101 Philippines