Price of Dubai Crude Oil

Independent oil player Phoenix Petroleum Inc. sees international prices of crude oil to go up, reaching US$ 100 per barrel this year.

Phoenix president and chief executive Dennis A. Uy, said there were indications that price trends in the international market would go up.

But he said the increase in global prices should not be considered as a burden. “If the global economy is improving a hundred [dollar per barrel price] is not far-fetched,” Uy told reporters.

As of Dec. 18, 2009, price of Dubai crude was placed at US$ 76 per barrel while unleaded gasoline was sold at US$ 81 per barrel and diesel at US$ 82 per barrel.

Uy also said that oil companies expected the global economic condition to stabilize this year.

He said that if conditions improved this year, “we have to be prepared [for the possible price increase].”

Last week, oil companies hike prices of diesel by P1 per liter and gasoline at 50 centavos per liter due to rise in international fuel prices.

Phoenix is listed at the Philippine Stock Exchange and has a total of 120 retail stations nationwide, majority of which are located in Mindanao while the rest are in Luzon. (PNA)

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