twitter.com/ MlaStandard
facebook.com/ ManilaStandardPH
S
manilastandard.net
Missed your copy of Manila Standard? Call or text our Circulation Hotline at 0917-8848655 or email: circulation@manilastandard.net
‘Oil at P80-P90/l till yearend’ Industry executive tells Senate: Expect no relief from soaring prices
ExxonMobil: World pump turbulence may last 5 yrs CONSUMERS must be prepared to endure up to five years of turbulent oil markets, the head of ExxonMobil said Tuesday, citing under-investment and the coronavirus pandemic. Energy markets have been roiled by the Ukraine war as Russia has reduced some exports and faced sanctions while Europe has announced plans to wean itself off dependency on Russian fossil fuels in coming years. Speaking ahead of ExxonMobil's unveiling as the fourth international partner for Qatar's natural gas expansion, chairman and chief executive Darren Woods said major uncertainty lies ahead. "You are probably looking at three to five years of continued
fairly tight markets," Woods told the Qatar Economic Forum. "How that manifests itself in price will obviously be a big function of demand, which is difficult to predict." On top of under-investment in finding new oil sources in 2014-2015, Woods said the pandemic "really sucked a lot of revenues out of the industry." Woods said companies and governments needed to think longterm. "We are going to see a lot of volatility and discontinuity in the market place if we don't get to more thoughtful policies," he predicted. Representatives from the Middle East energy industry also renewed calls for better planning in consumer countries. Next page
By Alena Mae S. Flores and Macon Ramos-Araneta
P
UMP prices will continue to go up and continue to hover at an average of P80 to P90 per liter until year-end, an oil firm official said Tuesday.
"Before, the movement of diesel prices was only by centavos, but now [it is] often by more than P1 per liter. The sad thing is I see it continuing until the end of this year," Cleanfuel president Jesus Suntay said during Tuesday's Senate committee on energy hearing. Suntay said there are no indications of world oil prices going down. Oil supply
would continue to be available—but at a specific price, he added. “OPEC refused to increase production, and a big portion supplied by OPEC goes to the EU, which Russia used to supply as much as 80 percent. But because of the embargo (against Russia), OPEC now supplies them (EU), and supply to Asia is affected," he said.
Suntay said many oil-producing countries suffered during the pandemic and are now trying to recover losses. "While they said they would increase production, they didn't do it. We see oil prices hovering between P80 and P90. The problem is it's the start of the travel season in the US, so demand will increase," he said. He said China's easing restrictions and talk of greater demand continue to drive up prices. Suntay said the Department of Energy (DOE) had asked the fuel sector to subsidize fuel costs for public utility vehicles (PUVs), but he said this could not go forever. Next page
VOL. XXXVI • NO. 126 • 3 SECTIONS 12 PAGES • P18 WEDNESDAY, JUNE 22, 2022 • www.manilastandard.net • mst.daydesk@gmail.com
Gov‘t on alert over inaugural disruption buzz By Francisco Tuyay COMMUNIST groups are still plotting to disrupt the inauguration of President-elect Ferdinanda Marcos Jr. on June 30 and the Department of the Interior and Local aGovaernment (DILG) is taking these reports seriously, its spokesman said Tuesday. “Leftist organizers” have been gathering in Tarlac, Cavite, Pampanga, and Laguna in the past
INAUGURAL BANNER. Members of the
Department of Public Works and Highways hang banners announcing the June 30 inauguration of President-elect Ferdinand Marcos Jr. along Ayala Bridge near in Manila on Tuesday, June 21, 2022. Norman Cruz
Next page
BBM for full foreign capital in power deals Marcos plots hiked rice output to make up for import shortage By Rey E. Requejo and Alena Mae Flores
PRESIDENT-ELECT Ferdinand Marcos Jr. is open to the possibility of allowing 100-percent foreign ownership of power generation projects, but the government must first iron out bureaucratic and
legislative kinks that discourage foreign investments. “The ownership is one issue but it’s not the main one. And I think if we can take care of all of that first, it would be easy to agree on the 100 percent ownership,” he said. Marcos made the statement when asked about his views on foreign ownership
after the Ambassador of Norway Bjorn Jahnsen said his country is inclined to invest in the Philippines to develop the country’s offshore wind sector. Jahnsen said some 50,000 goodpaying jobs could be generated from this sector, but noted that Philippine policies would have to be adjusted. Next page
Pfizer gets nod DILG to impose mask rules for booster for but Palace will have last say kids aged 12-17 By Willie Casas HEALTH Secretary Francisco Duque III has approved the Health Technology Assessment Council's (HTAC) recommendation to administer the first Pfizer COVID-19 booster shots for children ages 12 to 17. “Yes, it has been approved, but wait Next page
THE Department of the Interior and Local Government (DILG) will not hesitate to press charges against persons who violate health protocols, such as not wearing face masks outdoors, as the COVID-19 pandemic lingers, an official said Tuesday. Interior Undersecretary Martin Diño, who handles barangay affairs, said villages still continue to monitor health violators, including in Cebu province where Cebu Governor Gwendolyn Garcia
By Rey E. Requejo and Macon Ramos-Araneta PRESIDENT-ELECT President Ferdinand Marcos Jr. vowed to increase the country’s food production when he takes over as concurrent secretary of the Department of Agriculture. Marcos said that the rice export ban currently imposed by Thailand and
Vietnam, the Philippines’ main sources of imported rice, has left the country with no choice but to increase its own production of the key staple. “You may have noted that Thailand [and] Vietnam for example... our main sources of imported rice, have decided to ban rice exports, at least for now. So, we have to compensate for that by hopefully increasing production here in the Philippines,” Marcos said. Next page
and the provincial board have relaxed the face mask rule. "For us, we are enforcing health protocols, and violating those will have penalties," he said in a televised briefing. "We will impose that. If there were no penalties in the locality, we will file a case in the prosecutor's office. Remember that there is a law," Dino added, referring to the Bayanihan to Heal and Recover as One Acts, which necessitates the DOH Next page
Duterte declines drug czar post in next administration PRESIDENT Rodrigo Duterte has said yesterday. Martin Andanar said. declined an offer for him to serve as "The last offer that I saw was to The outgoing president, however, has drug czar of his successor, President- become the drug czar. But he declined accepted the offer of his longtime friend Next page elect Ferdinand Marcos Jr., the Palace that," acting Presidential spokesperson
SPECIAL YOGA. Jocel Del Rosario, a 29-years-old special needs person under the care of the Down Syndrome Association, joins 138 participants in a yoga session during the 8th International Day of Yoga at the SM Mall of Asia in Pasay City on Tuesday, June 21, 2022. Danny Pata