Oil Monitor as of 04 March 2025

Date published: March 11, 2025

WORLD OIL PRICES (February 24-28, 2025, trading days)  

The week-on-week price of Dubai crude has decreased by around $1.60 per barrel.  The international prices of gasoline have also decreased by about $3.20 per barrel, so as diesel and kerosene by around P2.95 per barrel and $3.60 per barrel, respectively. 

Reasons for the Price Adjustment1

  • Crude oil futures eased following US President Donald Trump's confirmation of fresh tariffs on two of its key energy trading partners, Mexico and Canada, along with additional tariffs in China. ​
    • ​The US imposed a 25% tariff on all imports from Mexico, a 10% tariff on energy imports from Canada, and an additional 10% tariff on imports from China, effective March 4, with additional reciprocal tariffs would be levied starting April 2. 
  • China's independent refineries in Shandong are preparing to expand their imports of Venezuelan crude after the Trump administration announced plans to reverse Chevron's license to operate in Venezuela's oil sector, as per sources. 
  • The Asian gasoline market complex softened following a rise in US gasoline stocks coupled with market participants expected rise in Chinese export volumes in March. ​
    • South Korea’s gasoline demand and export fell in January as its domestic demand is likely to remain sluggish due to the reduced tax benefits. 
    • Indonesia's gasoline import volumes could rise in March due to higher domestic demand during the Ramadan festivities.  
  • The Asian ultra-low sulfur gasoil complex fell due to lackluster market activity while sentiments dampened on plentiful supply. 
  • The Asian jet fuel/kerosene market weakened amid expectations of ample supply, while import volumes into Indonesia were anticipated to decline. 

FOREX:  The week-on-week average of Philippine peso appreciated versus the US dollar by P0.12 to P57.91 from P58.03 in the previous week. 

DOMESTIC OIL PRICES

Effective 04 March 2025, the oil companies implemented a decrease of P0.90/liter for gasoline, P0.80/liter for diesel and P1.40/liter for kerosene. 

YYear-to-date, gasoline and diesel have a total net increase of P3.85/liter and P3.95/liter respectively, while kerosene has total net increase of P1.50/liter. 

 

For the updated prevailing retail pump prices, please refer to this link:

Other recommended reference sites:                

1 Asia Pacific 28 February 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

 

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