Oil Monitor as of 07 May 2024

Date published: May 7, 2024

WORLD OIL PRICES (April 29-May 03, 2024, trading days)

The week-on-week price of Dubai crude has decreased by almost $1.70 per barrel. Gasoline has also decreased week-on-week by about $2.20 per barrel as well diesel and kerosene by about $2.50 per barrel.

Reasons for the Price Adjustment1

  • According to the US Energy Information Administration (EIA) data, US crude oil inventories rose by 7.27 million barrels to 460.89 million barrels in the week ended April 26. The counter seasonal build came amid weaker refinery demand and slower exports. This exceeded market expectations, pushing stocks to the highest outright level since mid-June 2023.
  • The lower crude future was attributed to a larger-than-expected buildup in US crude oil inventories, weaker economic data from US and mainland China and potential for a ceasefire in Gaze also helped reduce risk premiums.
  • The Asian gasoline complex weakened alongside a narrowing US RBOB-Brent crack spread and a rise in US gasoline inventory.
  • The US-EIA data disclosed increased gasoline stocks by 344,000 barrels to 227.087 million barrels in the week ended April 26, possibly exerting upward pressure on American gasoline supplies.
    • A pickup in demand is expected in US gasoline as the summer season approaches.
  • A supply glut in the Asian gasoil complex caused by ample supply and weakening incentive to send barrels from East to West saw refiners mulling production cuts.
  • Refiners in the East are considering lowering their run rates to limit losses as producers in the Persian Gulf and India continue to export their surplus volumes amid a closed East-to-West arbitrage.

FOREX: The week-on-week average of Philippine peso appreciated versus the US dollar by P0.04 to P57.77 from P57.61 in previous week.


Effective 07 May 2024, the oil companies implemented a per liter decrease in gasoline by P0.75, diesel by P0.90 and P1.05 for kerosene.

Year-to-date adjustment of gasoline and diesel stand at a per liter net increase of P9.25 and P4.70, respectively. Kerosene, on the other hand, has a net decrease of P0.80 per liter.


Asia Pacific 03 May 2024 Weekly Recap by S & P Global Platts Analytics

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For more information, call the

Department of Energy
Pricing: 840-2187
LPG: 840-2130
Fuels: 840-5669
Website: https://www.doe.gov.ph