Philippine oil demand posts slight growth

Philippine oil demand remained flat for the first five months of the year, official data from an oil company shows. Petron Corp. data revealed that as of the end of May, oil demand posted a 0.4% growth to 290,700 barrels per day (bpd) from 289,600 bpd compared to the same period in 2008. Dubai crude, benchmark of oil refiner like Petron, strengthened and averaged at US$59.30 per barrel in the second quarter from the first quarter average of US$44.31 per barrel, bringing the first half average at US$51.93 per barrel. Current low prices encouraged spending on fuel products, Petron said. (August 22, 2009)