WORLD OIL PRICES (January 13-17, 2025, trading days)
The week-on-week price of Dubai crude has increased by around $6.23 per barrel. The international prices of gasoline, diesel and kerosene have also increased by about $3.05, $5.61 and $5.45 per barrel, respectively.
Reasons for the Price Adjustment
The week’s price rally reflects a convergence of bullish factors, including risk of US sanctions on Russia and seasonal winter demand strength.
- Crude oil futures rallied as traders rushed to find alternative supplies following the US sanctions on Russia’s energy industry, offsetting bearish pricing developments from the Israel-Hamas ceasefire deal.
- The Asian gasoline market softened tracking a narrowing US-RBOB Brent crack amid rise in US stocks despite an expected drop in Chinese gasoline exports in February.
- Higher domestic demand amid the Lunar New Year holidays could moderate China’s gasoline exports.
- The rise in Australia’s gasoline inflows came due to the summer driving season.
- The Asian jet fuel/kerosene market structure slightly softened amid steady fundamentals and ample supplies from China with kerosene demand seen eroding.
- China is expected to prioritize jet fuel exports versus gasoil and gasoline as jet fuel export margin is the best among refined products.
- The Asian ultra-low sulfur gasoil market was seen supportive, with sentiment mixed regarding the supply impact of fresh Russian sanctions.
- Market participants expects that the new Russian sanctions would have a limited impact on the Asian gasoil market, primarily affecting freight, since Russian Gasoil mainly flows to Turkey and Brazil
- The Asian low sulfur fuel oil market structure was seen lower on week amid lukewarm trading activity in the downstream bunker market.
FOREX: The week-on-week average of Philippine peso depreciated versus the US dollar by P0.26 to P58.58 from P58.32 in the previous week.
DOMESTIC OIL PRICES
Effective 21 January 2025, the oil companies implemented an increase of P1.65/liter for gasoline while diesel increased of P2.70/liter and kerosene increased by P2.50/liter.
This is the third price adjustment for the year 2025. Gasoline has a total net increase of P3.45/liter; diesel P5.00/liter and kerosene has a total net increase of P4.30/liter.
For the updated prevailing retail pump prices, please refer to this link:
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
1 Asia Pacific 17 January 2025 Weekly Oil Recap by S & P Global Platts Analytics
For more information, call the
Department of Energy
Pricing: 8840-2187
LPG: 8840-2130
Fuels: 8840-5669
Website: https://www.doe.gov.ph