pip_admin – PIP – Philippine Institute of Petroleum

Posted on: November 4, 2024 by pip_admin

WORLD OIL PRICES (October 21-25, 2024, trading days)

The week-on-week price of Dubai crude has decreased by around $0.60 per barrel. The international price of gasoline and diesel have also decreased week-on-week by about $0.60 and $0.15 per barrel, respectively. On the contrary, the international price of kerosene has increased by nearly $1.00 per barrel.

Reasons for the Price Adjustment¹

Crude futures rose as a series of airstrikes exchanged in the Middle East raised supply concerns. However, uncertainty regarding the Chinese demand outlook capped the gains in prices.
On October 24, Israel launched an attack on the Syrian capital, Damascus, following a strike in southern Beirut, Lebanon, a day earlier and after Iran-backed group Hezbollah fired precision missiles in clashes with Israeli troops.
Meanwhile, the EIA’s weekly inventory report was quite bearish, showing a 5.47 million-barrel rise in US commercial crude oil inventories, significantly higher than the 1.6-million-barrel increase reported by the API.
The Asian gasoline complex was lower although there was supply tightness within the region.
- Import demand from Indonesia expected to be stable with import requirement in November being flattish on month at 10-11 million barrels.
The Asian ultra-low sulfur gasoil/diesel crack was supported on tight supply and anticipated good demand ahead of winter.
- However, the arbitrage economics to send cargoes to the west remained unworkable.
- Stocks of gasoil in the Amsterdam-Rotterdam-Antwerp region rose by nearly 1% on the week Oct. 24, and currently were at 2.217 million mt. The stocks are 26.7% higher than at the same point in 2023, when they were at 1.750 million mt.

FOREX: The week-on-week average of Philippine peso depreciated versus the US dollar by P0.13 to P57.77 from P56.64 in the previous week.

DOMESTIC OIL PRICES

Effective 29 October 2024, the oil companies implemented an increase of P0.20/liter for gasoline and a rise of P0.50/liter for both diesel and kerosene.

Year-to-date, total adjustment of gasoline and diesel stands at a net increase of P8.75/liter and P6.55/liter, respectively. On the other hand, kerosene has a total net decrease of P3.10/liter.

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1 Asia Pacific 25 October 2024 Weekly Recap by S & P Global Platts Analytics

For the updated prevailing retail pump prices, please refer to this link:

https://www.doe.gov.ph/price-monitoring-charts?q=retail-pump-prices-metro-manila

Other recommended reference sites:

For more information, call the

Department of Energy
Pricing: 8840-2187
LPG: 8840-2130
Fuels: 8840-5669

Website: https://www.doe.gov.ph

Posted on: October 16, 2024 by pip_admin

Source: DOE Website

WORLD OIL PRICES (September 30- October 4, 2024, trading days)

The week-on-week price of Dubai crude has increased by around $0.50 per barrel. The international price of diesel and kerosene have also increased week-on-week by about $1.80 and $1.30 per barrel, respectively. On the opposite, the international price of gasoline has decreased by nearly $1.20 per barrel.

Reasons for the Price Adjustment¹

Crude futures settled higher in reaction to news that Israel is considering an attack on Iranian oil facilities.
President Biden on Oct. 2 spoke with G7 leaders to coordinate new sanctions and other measures to respond to Iran’s recent attack on Israel.
The Joint Ministerial Monitoring Committee overseeing OPEC+’s production pact met Oct. 2 but did not recommend any changes to current plans.
- OPEC+ remains committed to reinstating 2.2 million b/d of voluntary cuts starting in December and will keep current production levels until then, despite concerns regarding some members’ continued inability to meet their targets
Global energy markets were on edge after Iran launched a new missile attack on Israel, raising fears of a major regional escalation and potential direct conflict between the two nations.
Gasoline remained bearish as tensions in the Middles East escalate. Regional supplies remained ample, exported from Middle East to Singapore amid closed arbitrage to the west and ongoing seasonal weakness in demand.
The Asian ultra-low sulfur gasoil/diesel rose on growing demand expectation. Demand is expected to improve in the near term due to the harvest season in September and October followed by winter demand.

FOREX: The week-on-week average of Philippine peso depreciated versus the US dollar by P0.26 to P56.20 from P55.94 in previous week.

DOMESTIC OIL PRICES

Effective 08 October 2024, the oil companies implemented an increase of P1.20/liter for diesel and P0.70/liter for kerosene while no movement was effected for gasoline.

Year-to-date, total adjustment of diesel stands at a net increase of P4.05/liter while gasoline remains at P6.40/liter. On the other hand, kerosene has a total net decrease of P5.35/liter.

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1 Asia Pacific 04 October 2024 Weekly Recap by S & P Global Platts Analytics

For the updated prevailing retail pump prices, please refer to this link:

https://www.doe.gov.ph/price-monitoring-charts?q=retail-pump-prices-metro-manila

Other recommended reference sites:

For more information, call the

Department of Energy
Pricing: 8840-2187
LPG: 8840-2130
Fuels: 8840-5669

Website: https://www.doe.gov.ph

Posted on: August 4, 2024 by pip_admin

Source: DOE Website

WORLD OIL PRICES (July 22-26, 2024, trading days)

The week-on-week price of Dubai crude has decreased by about $2.90 per barrel. The international price of gasoline, diesel and kerosene have also decreased week-on-week by about $2.40, $2.20 and $2.00 per barrel, respectively.

Reasons for the Price Adjustment¹

Crude oil futures fell on weaker US economic data, weak Chinese demand despite rate cut and unexpected contraction in South Korea’s Q2 GDP creating demand concerns in Asia.
- On July 25, the People’s Bank of China cut the country’s one-year medium-term lending facility by 20 basis points, but this move failed to spur demand, and the sentiment remained bearish.
- South Korea’s second-quarter gross domestic product unexpectedly contracted 0.2% on the quarter, contrasting with market expectations of a 0.1% expansion. The weakness was attributed to sluggish domestic demand.
The OPEC+ alliance’s biggest overproducers – Iraq, Russia and Kazakhstan, agreed on July 24 to gradually reduce production by a collective 2.284 million b/d between now and September 2025 after an overproduction in H1 2024.
- OPEC+ is also scheduled to gather virtually for its Joint Ministerial Monitoring Committee meeting Aug. 1, with consensus suggesting that OPEC+ is unlikely to alter its oil output.
The Asian gasoline complex was firm as cargoes were still moving to Persian Gulf due to favorable margins and demand was seen stable amid lower crude prices.
- Further support to prices came from shutdown of RFCC unit at Dalin in Taiwan’s CPC refinery.
- Meanwhile, refineries are coming online from maintenance replenishing supplies in the region in the near term, and Indonesia’s imports of light distillates fell 13.38% on the month and 11.60% on the year to 1.877 million mt amid lower naphtha and LPG inflows.
Asian gasoil/diesel complex edged higher on weak crude prices while Russia is considering another ban on diesel exports. However, the complex was still weighed down by seasonal demand lull and supply surplus in the region amid unfavorable arbitrage economics.

FOREX: The week-on-week average of Philippine peso depreciated versus the US dollar by P0.03 to P58.42 from P58.39 in previous week.

DOMESTIC OIL PRICES

Effective 30 July 2024, the oil companies implemented a decrease of P0.75/liter in gasoline, P0.85/liter in diesel and P0.80/liter in kerosene.

Year-to-date, total adjustment of gasoline and diesel stands at a net increase of P9.60/liter and P6.85/liter, respectively. On the other hand, kerosene has a total net decrease of P0.30/liter.

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1 Asia Pacific 26 July 2024 Weekly Recap by S & P Global Platts Analytics

For the updated prevailing retail pump prices, please refer to this link:

https://www.doe.gov.ph/price-monitoring-charts?q=retail-pump-prices-metro-manila

Other recommended reference sites:

For more information, call the

Department of Energy
Pricing: 840-2187
LPG: 840-2130
Fuels: 840-5669
Website: https://www.doe.gov.ph

Posted on: August 4, 2024 by pip_admin

The Philippine Institute of Petroleum (PIP) has successfully completed its latest oil spill response exercise, marking the second of three drills conducted annually under the WISE (Waterborne Industry Spill Equipment) agreement amongst PIP members -Chevron Philippines, Petron Corporation, Shell Philippines Corporation, Total Philippines, PTT Philippines, and Isla Petroleum and Gas. The first drill took place on April 24 at Shell Philippines’ terminal in Tabangao, Batangas.

The second exercise, led by Malayan Towage and Salvage Corporation (MTSC), was held on July 18 at the port of the South Reclamation Project (SRP) Cebu City. This is part of PIP WISE Philippines’ continuous advancement program, designed to test and improve the readiness and capabilities of response teams and their oil spill response equipment through the conduct of actual exhibition or simulation of oil spill response for Tier 1 to Tier 2 oil spill incidents.

The event was attended by representatives from PIP member companies, the Philippine Coast Guard Cebu (Talisay and Aduana Sub-Station) headed by Central Commander Cebu CG Capt Gerome Lozada, the Cebu City Disaster Risk Reduction and Management Council, the PCG Marine Environmental Protection Command, the Cebu Port Authority, and the Department of Energy-Oil Industry Management Bureau (OIMB).

Coast Guard Captain Jerome Lozada expressed appreciation to PIP and MTSC for their efforts in enhancing oil spill response readiness. PIP WISE extends its gratitude to all participants and observers for their valuable contributions to the said drill.

Tugboat Pacific Rose 10 and Tugboat Pacific Rose 1 deployed the spill and started maneuvering as they make a “U” Formation and form a barrier around the spill, during the simulated exercise at Cebu City. Photo courtesy of Malayan Towage and Salvage Corporation during the simulation exercise held in SRP Cebu City.

Tugboat Pacific Rose 10 (left) as the lead OSR tug and Tugboat Pacific Rose 1 (right) as the back-up/assist, deployed the spill boom to make a “U” Formation as a barrier around the spill, holding the oil in place more efficiently. It was followed by “J” formation to prepare for the deployment of skimmer. Photo courtesy of Malayan Towage and Salvage Corporation during the simulation exercise held in SRP Cebu City.

The PIP’s oil spill response organization – Malayan Towage and Salvage Corporation is preparing to launch the oil skimmer, after the product has been contained in the spill boom. Photo courtesy of Malayan Towage and Salvage Corporation during the simulation exercise held in SRP Cebu City.

The members of the Philippine Institute of Petroleum (Chevron, Petron, Shell, PTT, Total and Isla) together with the other attendees and participants of the PIP WISE Oil Spill Response Exercise from PCG, Cebu Port Authority, CDRRMC and the DOE-OIMB.

Posted on: July 5, 2024 by pip_admin

Source: DOE Website

WORLD OIL PRICES (June 24-28, 2024, trading days)

The week-on-week price of Dubai crude has increased by around $0.70 per barrel. The international price of gasoline, diesel and kerosene have also increased week-on-week by about $1.50, $1.00 and $0.80 per barrel, respectively.

Reasons for the Price Adjustment¹

Oil prices moved higher on escalated Red Sea tensions despite higher-than-expected US inventory data.
- The recent escalation of Houthi attacks in Red Sea shipping and persistent cross-border attacks between Israeli and Hezbollah forces pose growing risks to regional stability and could potentially impact crude oil exports from the Middle East.
Ukrainian drone attack on Russian oil infrastructure and refineries also contributed to the rising crude prices.
However, these were countered by higher-than-expected US-EIA inventory data countered as the country’s crude oil inventories climbed to eight-week highs in the week ended June 21, amid weaker refinery demand and slower exports
For Asian gasoline complex, it strengthened on the back of a widening US-RBOB Brent crack, despite a rise in US stocks. EIA data showed gasoline inventory uptick by 2.654 million barrels on the week to 233.886 million barrels in the week ended June 21.
Asian gasoil/diesel complex saw the supply situation become more relaxed as arbitrage opportunities between the Persian Gulf to Europe were opened with an improved European market and the fall in freight rates.
Lower exports from China and South Korea in July are expected to support the market amid seasonal increase in domestic demand and low refinery runs in China.

FOREX: The week-on-week average of Philippine peso depreciated versus the US dollar by P0.04 to P58.78 from P58.74 in previous week.

DOMESTIC OIL PRICES

Effective 02 July 2024, the oil companies implemented an increase on the prices of gasoline, diesel and kerosene by P0.95, P0.65 and P0.35 per liter, respectively.

Year-to-date, total adjustment of the said respective products stand at net increase of P9.25/liter, P8.40/liter and P1.75/liter, respectively.

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1 Asia Pacific 28 June 2024 Weekly Recap by S & P Global Platts Analytics

For the updated prevailing retail pump prices, please refer to this link:

https://www.doe.gov.ph/price-monitoring-charts?q=retail-pump-prices-metro-manila

Other recommended reference sites:

For more information, call the

Department of Energy
Pricing: 840-2187
LPG: 840-2130
Fuels: 840-5669
Website: https://www.doe.gov.ph

Posted on: April 2, 2024 by pip_admin

Source: DOE Website

WORLD OIL PRICES (March 25-29, 2024, trading days)

The week-on-week price of Dubai crude has decreased by almost $0.20 per barrel. The international price of diesel and kerosene have also decreased by about $2.60 and $3.40 per barrel, respectively. On the contrary, the international price of gasoline has increased by nearly $0.20 per barrel.

Reasons for the Price Adjustment¹

The US Energy Information Administration data confirmed the resumption of seasonal US inventory builds.
- The US commercial crude stocks climbed 3.17 million barrels to 448.21 million barrels in the week to March 22.
The market is also watching OPEC members for any sign they may be altering their viewpoint on production quotas noting that the bloc’s Joint Monitoring Ministerial Committee is due to meet on April 3 to review the current adherence to the production agreement.
- Analysts anticipated that the existing policy of 2.2 million b/d cuts would remain status quo.
The Asian gasoline complex softened tracking the narrowing US RBOB-Brent crack spread, amid rising US stocks.
Indonesia’s April gasoline imports are expected to remain unchanged on the month and comparatively lower on the year at 11 million barrels, as healthy inventories from pre-elections stock-up will offset Eid al-Fitr demand.
Unfavorable arbitrage economics to move cargoes to Europe dampened trading sentiment and kept supply ample in the region, dampening the overall gasoil/diesel complex.

FOREX: The week-on-week average of Philippine peso depreciated versus the US dollar by P0.38 to P56.29 from P55.91 in previous week.

DOMESTIC OIL PRICES

Effective 02 April 2024, the oil companies implemented a decrease in diesel and kerosene by P0.60 and P1.05 per liter, respectively. However, gasoline prices increased by P 0.45 per liter.

Year-to-date adjustment of gasoline and diesel stand at a per liter net increase of P8.20 and P4.50, respectively.

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1 Asia Pacific 29 March 2024 Weekly Recap by S & P Global Platts Analytics

For the updated prevailing retail pump prices, please refer to this link:

https://www.doe.gov.ph/price-monitoring-charts?q=retail-pump-prices-metro-manila

Other recommended reference sites:

For more information, call the

Department of Energy
Pricing: 840-2187
LPG: 840-2130
Fuels: 840-5669
Website: https://www.doe.gov.ph

Posted on: March 17, 2024 by pip_admin

Source: DOE Website

WORLD OIL PRICES (March 4-8, 2024, trading days)

The week-on-week price of Dubai crude has increased by around $1.00 per barrel. On the contrary, the international price of gasoline, diesel and kerosene have decreased by almost $1.65, $0.65, and $0.40 per barrel, respectively.

Reasons for the Price Adjustment¹

US commercial crude oil stocks climbed by 1.37 million barrels to 448.53 million barrels.
- A softer build in inventories reflects a steady demand for fuel in the world’s largest economy despite robust production levels.
China has reported a 7.1% increase on the year in its January-February total exports. The health of China’s export data broadly signals the state of global commerce and economic growth, given its position as an international manufacturing hub.
However, record growth in non-OPEC producers including the US, Brazil and Guyana, higher inventories, and high rates of purchase of Russian crude despite sanctions are contributing to an oversupplied market and putting a cap on the prices.
The Asian gasoline complex softened on continued weak import demand from Indonesia and rising supply from Middle East despite widening of US-RBOB Brent crack.
- Indonesia is expected to have a lower import demand ahead of the Eid al-Fitr celebrations in April.
Gasoline inflows into Asia from the Middle East are expected to increase in March as refineries come back from maintenance, possibly reflecting rising outflows from the Middle East into Asia. Saudi Arabia exported a total of 76,668 mt of gasoline to Singapore in the week ended Feb. 28.
For gasoil/diesel complex, it remained weak as regional gasoil supply continued to outstrip demand. The East-West arbitrage demand remained hampered by high inventory levels in the West.

FOREX: The week-on-week average of Philippine peso appreciated versus the US dollar by P0.21 to P55.90 from P56.10 in previous week.

DOMESTIC OIL PRICES

Effective 12 March 2024, the oil companies implemented a per liter decrease of P0.50, P0.25 and P0.30, respectively, for gasoline, diesel, and kerosene.

Year-to-date adjustment of gasoline and diesel stands at a net increase of P5.45/liter and P3.80/liter, respectively. On the other hand, the net decrease in kerosene prices, year-to-date, is P0.25/liter.

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1 Asia Pacific 08 March 2024 Weekly Recap by S & P Global Platts Analytics

For the updated prevailing retail pump prices, please refer to this link:

https://www.doe.gov.ph/price-monitoring-charts?q=retail-pump-prices-metr…

Other recommended reference sites:

For more information, call the

Department of Energy
Pricing: 840-2187
LPG: 840-2130
Fuels: 840-5669
Website: https://www.doe.gov.ph

Posted on: July 19, 2023 by pip_admin

Source: DOE Website

WORLD OIL PRICES (July 10-14, 2023, trading days)

The week-on-week price of Dubai crude has increased by around $3.80/bbl. MOPS gasoline, diesel and kerosene have also increased by about $5.50/bbl, $5.60/bbl and $5.20/bbl, respectively. These movements were based on the same comparative week.

Reasons for the Price Adjustment¹

Oil prices rallied this week, as market sentiment received a boost from China’s latest trade data showing a 45.3% on-year jump in its crude imports in June, suggesting healthy downstream demand and profitable refining margins.

Meanwhile, a low US Consumer Price Index report for June stirred optimism that inflation was easing, though the data alone was not expected to sway the US Federal Reserve’s decision on interest rates at its July 26 meeting.

A drop in US dollar to its lowest value since April 2022 against a basket of currencies also supported dollar-denominated oil futures.

On the demand side, the International Energy Agency on July 13 cut its 2023 oil demand growth estimate by 220,000 b/d to 2.2 million b/d due to macroeconomic headwinds while raising its 2024 demand growth forecast by 290,000 b/d. China is expected to account for 70% of global demand growth in 2023.

Asian gasoline crack rebounded, tracking a stronger US RBOB-Brent crack, despite some easing of US domestic gasoline demand, in the recent week. Rains and flooding in the US Atlantic Coast region was said to have caused dampening demand.
Asian gasoil/diesel crack has strengthened despite of an expected jump in China’s gasoil exports in July.

o Gasoil outflows from China are expected to be around 1.2-1.5 million mt in July, higher than earlier expectations of 800,000-900,000 mt, and up from estimates in June.

In Korea, refiners are said to be holding back on some current exports, as they waited for the government update on whether retail fuel tax cuts will be extended beyond August. The tax cuts were enacted in late 2021 to temper a spike in international oil prices..

FOREX: The week-on-week average of Philippine peso appreciated versus the US dollar by P0.39 to P55.00 from P55.39 in previous week.

DOMESTIC OIL PRICES

Effective 18 July 2023, the oil companies implemented an increase of P1.90/liter for gasoline, P2.10/liter diesel and P1.80/liter for kerosene.

These price adjustments resulted in a year-to-date net decrease of P0.85/liter for diesel and P3.70/liter for kerosene. Gasoline, on the other hand, has a net increase of P7.55/liter.

For the updated prevailing retail pump price, please browse this link:
• https://www.doe.gov.ph/retail-pump-prices-metro-manila

For more information, call the

Department of Energy
Pricing: 840-2187
LPG: 840-2130
Fuels: 840-5669
Website: https://www.doe.gov.ph

_______
¹ Asia-Pacific Weekly Recap 14 July 2023 by S&P Global Commodity Insights

Posted on: May 16, 2023 by pip_admin

Source: DOE Website

WORLD OIL PRICES (May 1-5, 2023, trading days)

The week-on-week price of Dubai crude has decreased by around $5.50/bbl. MOPS prices of gasoline, diesel and kerosene have also decreased per barrel by about $6.00, $6.80, and $5.70, respectively, during the reference week.

Reasons for the Price Adjustment¹

The week’s adjustment in oil prices was largely driven by microeconomic concerns from the world’s two largest economies, i.e., the following:

a) US

The US Fed raised interest rates by another 0.25 percentage points to 5.00%-5.25%, which was widely expected. Further, while the European Central Bank decided on Thursday to slow interest rate hikes, it kept its options open on future moves as it fights stubbornly high euro zone inflation.
Barclay analyst says “The U.S. economy continues to evolve in a manner consistent with a recession commencing later this year. The manufacturing sector is contracting, consumer is struggling, there are broadening signs of cracks emerging within the labor market.”

b) China

In China, the NBS manufacturing PMI showed a surprise contraction in April, falling to 49.2 after three straight months of growth since January; the Caixin China General Manufacturing Purchasing Managers’ Index fell to 49.5in April, from 50.0 in March.
On a positive note, transport normalization will be one pillar to support China’s oil demand growth in 2023. Data from China’s Ministry of Culture and Tourism estimated a total of 274 million domestic tourist trips were made during the week-long 2023 Labor Day holidays which ended May 3. This marked a strong 70.8% year-on-year increase and a 119.1% recovery from pre-pandemic levels.
However, the increased number is mainly reflected in domestic travel, and railway transport will divert part of oil demand. The downside risks of oil demand growth remain in international flight recovery, infrastructure expansion, real estate, trading activities and manufacturing. Platts Analytics anticipate China’s total oil demand to recover gradually from Q2 with annual demand expected to reach 15.8 million b/din 2023, 6% higher than that in 2022.

Asian gasoline crack dropped due to waning import demand from Malaysia and Indonesia amid expectations that China will likely issue additional product export quotas.

Asian gasoil crack extended losses among mixed picture of demand recovery, eroding arbitrage economics, anticipation of a second batch of product export quotas from China and a narrowing East-West EFS.

S&P Global Commodity Insights estimates China’s gasoil demand declined slightly to 4 million b/d in March, down by 0.2% on month. India’s gasoil demand remained strong in March due to favorable warm weather and increased industrial and agricultural activity.

In the US, EIA data showed US total gasoline inventories rose by 1.742 million barrels to 222.878 million barrels in the week ended April28, down 2.5% on year. Meanwhile, total US gasoline supplied, a proxy for gasoline demand, fell 893,000 barrels over the same period to 8.618 million barrels.

FOREX: The week-on-week average of Philippine peso appreciated versus the US dollar by P0.37 to P55.30 from P56.67 in previous week.

DOMESTIC OIL PRICES

Effective 09 May 2023, the oil companies implemented a per liter decrease of P2.20 for gasoline, P2.70 for diesel and P2.55 for Kerosene.

These resulted to a year-to-date net decrease for diesel at P7.05/liter and kerosene at P7.50/liter. Gasoline on the other hand, has a net increase of P3.85/liter.

For the updated prevailing retail pump price, please browse this link: https://www.doe.gov.ph/price-monitoring-charts?q=retail-pump-prices-metro-manila.

For more information, call the

Department of Energy
Pricing: 840-2187
LPG: 840-2130
Fuels: 840-5669
Website: https://www.doe.gov.ph

_______
¹ Asia-Pacific Weekly Recap 05 May 2023 by S&P Global Platts Analytics

Posted on: May 16, 2023 by pip_admin

Present during the meeting are members of the PIP WISE Committee and MTSC officers, namely (from left to right): 1st row- MTSC President and Director Capt. Ebenezer G. Tañada, Jr., Capt. Leo Soriano (Shell), Engr. Marvin Dela Fuente (Isla LPG), MTSC Chief Finance Officer Randy Gampong; 2nd row – Ms. Nimfa Villamayor (PIP), Engr. John Willer Salle (Petron), Engr. Gian Carlo (Petron), Engr. Chito Barba (Petron), Engr. Jose Solomon (PTT), Engr. Ed Villena (Chevron), Ms. Dessa Diasanta (Chevron), Engr. Reymond Dimitui (PTT), Engr. Eladio Ablaza III (Total), and PIP Executive Director Raffy Capinpin.

PIP WISE PHILIPPINES AND MUTUAL AID AGREEMENT. The Philippine Institute of Petroleum (PIP) member companies recently renewed and strengthened its Waterborne Industry Oil Spill Equipment (WISE) Memorandum of Agreement (MOA) with Malayan Towage and Salvage Corporation (MTSC) to another 5 years until 2028.

The WISE Memorandum of Agreement among PIP member companies was first initiated by PIP’s Health Safety Environment (HSE) & Marine Committee in 2009 essentially to contract a reputable Tier 2 Oil Spill Response Organization (OSRO) in the Philippines, founded on the basic principles of PIP of creating a venue for the sharing, preservation and refinement of best practices in the field of Quality, Security, Safety, Health & Environment.

The specific objectives of PIP’s WISE Memorandum of Agreement includes the following:

Establish a cooperative solution to address the environmental impact of an oil spill that may be brought by any unfavorable incident in the water borne supply operations of the members of PIP.
To contract a credible in-country oil spill response service provider to respond in the event of an oil spill (Tier II) incident in the Philippines on 24/7 “on-call” (Philippine-wide Coverage).
To maintain a stockpile of Oil Spill Equipment, Tugs & Spill Response Boats & other equipment, strategically located in various Ports of operation of the members of PIP. Oil Industry.
To undertake at least 3 oil spill response drills per year (desktop or actual) where PIP members and MTSC can test its readiness and develop best practices in responding to oil spills.

The PIP member companies include: Chevron Philippines, Inc., Isla LPG Corporation, Petron Corporation, PTT Philippines Corporation, Pilipinas Shell Petroleum Corporation, and Total Energies.