Oil Monitor as of 07 January 2025

Date published: January 9, 2025

WORLD OIL PRICES (December 30, 2024-January 03, 2025, trading days) 

The week-on-week price of Dubai crude has increased by around $1.80 per barrel. The international prices of gasoline, diesel and kerosene have also increased by about $1.90, $2.80 and $2.50 per barrel, respectively. 

Reasons for the Price Adjustment1

  • Decline in US crude inventories and expected cold snap in North America that is likely to boost demand.  As temperature in the US continues to dip, oil winter demand is expected to peak, hence spurring prices higher.
    • ​US commercial crude stocks declined 1.18 million barrels to 415.6 million barrels in the week ended December 27, US Energy Information Administration data showed January 02, 2025.
  • Chinese demand concerns in 2024 is alleviated by its recent manufacturing data, benefiting the crude complex as it reflects ongoing growth for crude demand.
  • The Asian gasoline market strengthened as Indonesia’s gasoline import demand is expected to remain firm in January supported by healthy regional demand amid varied views on the supply side.
    • For January and February, demand for gasoline to remain supported in Indonesia as the government has released a stimulus package to help low-income people.  The Indonesian government had announced on Dec. 16, 2024, the stimulus package worth $27.35 billion.
  • The Asian ultra-low sulfur gasoil/diesel structure continued to rise with US diesel futures supported by higher heating demand. 

FOREX: The week-on-week average of Philippine peso appreciated versus the US dollar by P0.11 to P58.03 from P58.14 in the previous week.   

DOMESTIC OIL PRICES

Effective 07 January 2025, the oil companies implemented an increase of P1.00/liter for both gasoline and kerosene while diesel has increased by P1.40/liter.

These are the first price adjustment for 2025.  In 2024, gasoline and diesel had a total net increase of P12.75/liter and P11.00/liter, respectively.  On the other hand, kerosene had a total net decrease of P2.70/liter.

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1 Asia Pacific 03 January 2025 Weekly Oil Recap by S & P Global Platts Analytics 

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

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

 

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