WORLD OIL PRICES (March 10-14, 2025, trading days)

The week-on-week price of Dubai crude remained unchanged at around $71.20 per barrel.  The international prices of gasoline have decreased by about $0.70 per barrel along with kerosene by about $1.20 per barrel and diesel by around $1.40 per barrel.

Reasons for the Price Adjustment¹

• Crude oil futures rose amid a lower-than-expected stock increase in the US and OPEC+ plans to maintain production increases even with increased geopolitical uncertainties. 
  • The increase in US crude oil stocks were lower-than-expected in the week ended March 7, US EIA data showed March 12.  US commercial crude stocks increased by 1.5 million barrels.  Stocks have risen since mid-January as US refinery maintenance reduced crude inputs.  
  • The decision by the OPEC+ group to maintain plans to wind down 2.2 million b/d of voluntary crude production cuts starting in April continued to support current oil market with expectations of robust interest in the coming months. 
• The Asian gasoline market complex strengthened from previous week on indication of growing US demand and anticipated supply tightness from the upcoming maintenance in Indonesia.   
  • Supplies continue to remain tight due to turnarounds in the US following the upcoming summer driving season and fewer arbitrage cargoes coming in Asia due to China’s scheduled maintenance have also contributed to the reduced supply. 
  • Global economic challenges, slowing petrochemical demand recovery and volatile crude prices will continue to pressure market prices in the coming weeks.  
• The Asian ultra-low sulfur gasoil complex fell amid a well-supplied market and strong inventories.  Japan’s gasoil inventories remained largely unchanged.  With increase in the onshore commercial middle distillates stocks in Singapore, the market remains well supplied with no immediate shortage expected.  
• The Asian kerosene/jet complex was weighted down by ample regional supply availability and reduces demand.  The decline of winter demand in East Asia has led to slower consumption, exerting downward pressure on the market.  Seasonal changes have resulted in reduced demand, contributing to market softness. 

DOMESTIC OIL PRICES

Effective 18 March 2025, local oil companies implemented a decrease of P0.20/liter for diesel and P0.40/liter for kerosene.  No adjustment for gasoline. 

Year-to-date, gasoline and diesel have a total net increase of P2.15/liter and P2.85/liter respectively while kerosene has a total net decrease of P0.70/liter.

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:                

• http://www.aip.com.au/pricing   
•  http:/ /www.indexmundi.com/commodities/?commodity=crude-oil-dubai  
• https://www.quandl.com/data/ODA/POILDUB_USD-Dubai-Crude-Oil-Price