Oil Monitor as of 17 December 2024

Date published: December 19, 2024

WORLD OIL PRICES (December 9-13, 2024, trading days) 

The week-on-week price of Dubai crude has increased by around $0.30 per barrel. The international price of gasoline, diesel and kerosene have also increased by about $1.10, $1.00 and $0.05 per barrel, respectively. 

Reasons for the Price Adjustment1

  • The crude oil futures settled slightly lower as markets attempted to balance contradicting demand outlooks from OPEC and the International Energy Agency as China's growth remained a moving target in 2025.
    • The IEA global oil demand growth is now projected to moderately accelerate in 2025, growing from 840,000 b/d in 2024 to 1.1 million b/d in 2025, largely driven by expectations of economic recovery and stimulus measures in China and economic growth in the US. 
    • Nonetheless, the forecast was not enough to keep the market from its bearish anxieties, as the IEA said it continues to expect an oversupplied oil market in 2025, even if OPEC continues to delay the unwinding of its additional voluntary production cuts. 
  • The Asian gasoline market strengthened as US gasoline demand climbed up on the week, the latest US Energy Information Administration data showed.
  • Asian gasoline prices could also rise on the back of continued expectations of lower Chinese exports in December. 
    • Outflows from China are expected to be lower in December after higher exports in November, as exporters prioritized November volumes ahead of China's new tax rebate policy. 
  • The Asian gasoil/diesel complex rose despite ample cargoes from India and Middle East while buying interest remained muted near the year end. 

FOREX: The week-on-week average of Philippine peso appreciated versus the US dollar by P0.14 to P58.19 from P58.33 in the previous week. 

DOMESTIC OIL PRICES

Effective 17 December 2024, oil companies implemented an increase on the price of petroleum products. Both gasoline and diesel have increased by P0.80/liter, while kerosene has increased by P0.10/liter.

Year-to-date, total adjustment of gasoline and diesel stands at a net increase of P12.55/liter and P9.85/liter, respectively. On the other hand, kerosene has a total net decrease of P2.55/liter.

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1 Asia Pacific 13 December 2024 Weekly 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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