Author Topic: Peso shaken as oil spikes up to $146  (Read 1481 times)

Brownman

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Peso shaken as oil spikes up to $146
« on: July 05, 2008, 06:25:56 AM »
OIL continued its record-breaking run yesterday, hitting past $146 a barrel for the first time after a US report added to supply worries and the US dollar weakened, analysts said.

The oil spike shook the peso, which lost 30 centavos as it closed at 45.50 against the dollar from 45.20 on Wednesday.

“It still reflects the rise in commodity prices, and any intervention from the central bank would have been futile,” said Jonathan Ravelas, chief market strategist at Banco de Oro.

The peso fell further on strong corporate demand for dollars, inflation concerns and the stock market’s continuing decline, said Marcelo Ayes, senior vice president of Rizal Commercial Banking Corp.

Oil’s rise and the peso’s continuing fall notwithstanding, the tax windfall from oil prices would likely exceed P18.6 billion this year and help the government ease the burden of the poor and the transport sector, the Finance Department said.

Finance Undersecretary Gil Beltran said the P18.6 billion was based on an average oil price of $114 a barrel. With oil hitting $145 yesterday and appearing poised for new highs, the government could expect to collect more taxes from the commodity, he said.

Moreover, increasing oil revenues would allow the government to post a deficit lower than the P75-billion target this year, Beltran said.

“We’re most likely ahead of our first-half deficit target of P40.56 billion, and it’s possible that for the full year, the shortfall would be lower [than the target],” Beltran said.

“A lot depends on expenditures because improving collections are giving us flexibility to spend more.”

But an analyst said the price of gasoline could reach P71 and diesel P60 a liter, and inflation could hit 9.5 percent once oil averaged $150 to $165 a liter.

“If oil averages $150 a liter in any given month, then the projections of the Energy [Department] may fall short by 10 percent,” said Victor Abola, an economist with the UA & P Capital Markets Research Center.

“If that happens, then high-end gasoline would reach P71 per liter and diesel could well hit P60 per liter.”

In London, Brent crude futures rose Thursday to a trading record of $146.69 a barrel on the ICE Futures exchange before retreating to $146.07, up $1.81.

The latest surge followed a warning from Iranian Oil Minister Gholam Hossein Nozari that his country would react fiercely to any attack against it.

“Iran, if there were any kind of activity of any sort, is not going to be quiet and would react fiercely,” he told reporters on the sidelines of the World Petroleum Congress in Madrid.

He said oil prices, which have been driven to record levels partly because of fears about the loss of Iran’s 4.0-million-barrel-a-day output, would rise radically if Israel or the United States launched a military strike.

Western powers and Iran have been engaged in long-running efforts to resolve a stalemate over Iran’s nuclear enrichment program, which the West fears could be used to make an atomic bomb.

Iran, the world’s fourth-largest oil producer, says its nuclear program is for peaceful purposes.

The US Energy Information Administration said Wednesday that stockpiles of crude had fallen by 2.0 million barrels in the week to June 27. AFP with Eileen A. Mencias, Lawrence Agcaoili, Alena Mae S. Flores and Bloomberg


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Lorenzo

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Re: Peso shaken as oil spikes up to $146
« Reply #1 on: July 05, 2008, 06:28:58 AM »
Brown, musta!

How much are gas prices na diay sa Pinas per liter?

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Brownman

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Re: Peso shaken as oil spikes up to $146
« Reply #2 on: July 06, 2008, 02:44:30 AM »
Hi Bran,

As usual inflation in RP now turned from bad to worst, just recently nag taas nasad ang gas
gahapun its 60 pesos per liter then plus 2 pesos. this will goes higher at the end of the month
and as the year about to close the price of gas might reach more than P 100.00 / liter, he, he
katawa lang guihapun ta ani.

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Bambi

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Re: Peso shaken as oil spikes up to $146
« Reply #3 on: July 06, 2008, 05:22:02 AM »
Hi Bran,

As usual inflation in RP now turned from bad to worst, just recently nag taas nasad ang gas
gahapun its 60 pesos per liter then plus 2 pesos. this will goes higher at the end of the month
and as the year about to close the price of gas might reach more than P 100.00 / liter, he, he
katawa lang guihapun ta ani.

di perting mahala na sa plete sa tanan diay!

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Best regards
Bambi

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Brownman

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Re: Peso shaken as oil spikes up to $146
« Reply #4 on: July 06, 2008, 06:14:16 AM »
korek ka Ms Bambs, daghan na ang mga nakakotsi b 4 nga nag commute nalang
mao nga puno kaayo ang MRT ug LRT, kami alay lakaw lang kay doul raman ang house
namo sa office.

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Lorenzo

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Re: Peso shaken as oil spikes up to $146
« Reply #5 on: July 06, 2008, 07:37:00 AM »
Mahal pood na uy. Especialidad concerning the fact that it is in the Philippines.

Brown, did you know that there are uncharted oil off the Philippine Trench?

Billions if not trillions of barrels of oil lay in wait. If only we had the technology to retrieve it.

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C2H4

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Re: Peso shaken as oil spikes up to $146
« Reply #6 on: July 06, 2008, 11:38:56 AM »
^Dong, makig deal nalang si Gloria kang Bush, to bring in American technology and expertise to get the oil, everybody's happy.

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