Oil Monitor as of 25 June 2024

Date published: June 26, 2024

WORLD OIL PRICES (June 17-21, 2024, trading days)

The week-on-week price of Dubai crude has increased by around $2. 40 per barrel. The international price of gasoline, diesel and kerosene have also increased week-on-week by about $2.70, $3.80 and $2.40 per barrel, respectively.

Reasons for the Price Adjustment1

  • The US Energy Information Administration data showed draws across the board for crude oil, gasoline and distillate stocks over the week ended June 14.
    • For the week ended June 14, the US commercial crude oil stocks fell by 2.55 million barrels to 457.11 million barrels.
    • Implied demand for gasoline jumped to a seven-month high of 9.39 million b/d, in a sign that peak summer driving demand was beginning to kick in.
  • The Asian gasoline complex strengthened on the back of firm import demand from Japan amid refinery issues and lower Chinese exports expected in July. However, prices of gasoline were expected to face continued downward pressure amid low demand from Indonesia due to ample domestic supplies.
  • The Asian gasoil/diesel complex improved as the supply length that has been weighing on the market in recent months began easing following the extended outage of Indonesia's Balikpapan refinery and movement of Middle Eastern gasoil out of the East of Suez into Europe.
  • In South Korea, tax cut for gasoil was extended through the end of August, with the tax cut adjusted to 30% from 37%. The government action implies higher domestic prices as the country enters the summer driving season.

FOREX: The week-on-week average of Philippine peso depreciated versus the US dollar by P0.07 to P58.74 from P58.67 in previous week.

DOMESTIC OIL PRICES

Effective 25 June 2024, the oil companies implemented an increase on the prices of petroleum products. Gasoline, diesel and kerosene have increased by P1.40, P1.75 and P1.90 per liter, respectively.

Year-to-date, total adjustment of gasoline, diesel and kerosene stand at net increase of P8.30/liter, P7.75/liter and P1.40/liter, respectively.

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1 Asia Pacific 21 June 2024 Weekly Recap by S & P Global Platts Analytics

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

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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

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