WORLD OIL PRICES (March 03-07, 2025, trading days)

The week-on-week price of Dubai crude has decreased by around $5.70 per barrel.  The international prices of gasoline have also decreased by about $4.70 per barrel along with kerosene by about $3.90 per barrel and diesel by around P2.80 per barrel. 

Reasons for the Price Adjustment¹

• Crude oil futures fell amid reports that US would delay tariffs on all goods covered by the US-Mexico-Canada agreement imported from Mexico until April 2, rising US crude inventories and increase in OPEC+ output. 
  • US-EIA crude stocks data increased by 3.61 mil barrels in the week ended Feb. 28due to seasonal downturn in refinery demand.  The build/climb was in line with seasonal norms.  
  • The decision by the OPEC+ group to begin winding 2.2 million b/d of voluntary crude production cuts starting in April added further pressure to oil markets.  Output expected to increase in April. 
• Crude oil prices were down as market mulled potential impact of a less aggressive tariff strategy by the US as the narrative has shifted to include concessions and exemptions. 
• The Asian gasoline market complex strengthened on strong import demand from Southeast Asia during the festivities of Ramadan.  However, due to the recent flooding in Indonesia, the outlook slightly reduced. 
• The Asian ultra-low sulfur gasoil complex rose amid a rise in spot trading activity and expansion in China’s PMI.  China’s manufacturing industry is expanding, an optimism on economic improvement.  

DOMESTIC OIL PRICES

Effective 11 March 2025, the oil companies implemented a decrease of P1.70/liter for gasoline, P0.90/liter for diesel and P1.80/liter for kerosene. 

Year-to-date, gasoline and diesel have a total net increase of P2.15/liter and P3.05/liter respectively while kerosene has total net decrease of P0.30/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