Oil Monitor as of 26 December 2024

Date published: December 26, 2024

WORLD OIL PRICES (December 16-20, 2024, trading days) 

The week-on-week price of Dubai crude has increased by around $0.80 per barrel. The international price of diesel and kerosene have also increased by about $1.50 and $0.70 per barrel, respectively. On the contrary, the international price of gasoline has decreased by nearly $0.50 per barrel. 

Reasons for the Price Adjustment1

  • Crude oil futures pared gains following comments from US Federal Reserve Chair Jerome Powell indicating a more hawkish monetary policy outlook in 2025. 
  • The Fed cuts its target interest rate 25 basis points as expected, but also said it forecasts fewer rate cuts in 2025 amid higher inflation expectations.
  • The lingering geopolitical tensions globally have sent shockwaves through the oil markets, capping price downside. Libya's state-owned National Oil Corp. declared force majeure on Dec. 15 after a few storage tanks at the 120,000 b/d Zawiya refinery were "severely damaged" and caught fire after being hit by gunfire from nearby armed clashes.
  • The Asian gasoline market softened, tracking a narrowing US RBOB-Brent crack, following a weekover-week rise in US gasoline stocks.
  • The Asian gasoil/diesel complex was seen firmer, even as market participants shared mixed views about January supply ahead of China's 2025 export quota announcement.
  • Meanwhile, Singapore's gasoil imports surged 112.73% week over week to 192,834 mt over Dec. 12- 18, driven by increased shipments from India and Saudi Arabia.

FOREX: The week-on-week average of Philippine peso depreciated versus the US dollar by P0.68 to P58.87 from P58.19 in the previous week.

DOMESTIC OIL PRICES

Effective 24 December 2024, oil companies implemented an increase on the price of petroleum products. Gasoline has increased by P0.50/liter, diesel by P1.45/liter and kerosene by P0.75/liter.

Year-to-date, total adjustment of gasoline and diesel stands at a net increase of P13.05/liter and P11.30/liter, respectively. On the other hand, kerosene has a total net decrease of P1.80/liter.

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1 Asia Pacific 20 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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