WORLD OIL PRICES (For May 7-11 2012 trading days)

Dubai crude price had a substantial decrease over previous week of almost US$3 on the 1st day of trading, same with diesel which decreased by nearly US$3 a barrel and gasoline by more than US$1. Daily postings of the week’s prices initially extended from previous week decreases and continued to decline on the bases of the rising of oil stocks in the United States, and increased production from Saudi Arabia at a time of economic gloom pushing oil price down from more than $125/bbl levels in April. Oil prices have been falling for days partly due to concerns about the European debt crisis, which is hurting economic growth in the 17-nation euro zone and dampening demand for products made by manufacturers in China and the United States. Crude oil prices fell on Friday and posted a second straight weekly loss after data showed weakerthan-expected U.S. job growth in April and pressure from weak industrial production growth in China. Traders are worried about the disappointing Chinese economic data report, which showed at its slowest pace in nearly three years and indicating China's economy is showing vulnerability to a global slowdown. Also, prices fell to a three-month low, after weekend elections in France and Greece fueled uncertainty about the region’s prospects for recovery, the Associated Press reported, adding to the previous week’s losses as election results in Europe drove up investor anxiety. The concerns are centered around Europe in a recession and the negative impact it would have on oil demand across the globe. The latest twist in the tortuous political drama came as EU paymaster Germany threatened to cut off the country's loan lifeline and hinted that the crisis-ridden eurozone could get along without Greece. The International Energy Agency's edged up its outlook for oil demand growth this year but warned of geopolitical risks over Iran's disputed nuclear program. In its monthly report, the IEA said that despite recent oil market falls, "the path of market fundamentals for the rest of the year remains highly uncertain and geopolitical risks will likely continue to keep prices high." 

FOREX: The week-on-week average of peso depreciated against the US dollar by (P0.19), from P42.21 two weeks ago to P42.40 last week. 
Other recommended reference sites: (1) (2) http://www.med.govt.nz/ers/oil_pet/prices/prices.html

DOMESTIC OIL PRICES

Effective today, 14 May 2012, most of the oil companies implemented a decrease of P1.70/l for unleaded gasoline, P1.60 for diesel, and regular gasoline, and P 1.50 for kerosene. The year-to-date net increase for diesel and gasoline are P1.54 and P4.20 per liter, respectively.

As monitored, shown below are the retail prices in Metro Manila beginning 14 May 2012.

For more information, call the 
Department of Energy: 
Pricing: 840-2187 
LPG: 840-2130 
Fuels: 840-5669

SMS: (0915) 4469421 
Email: oilmonitor@doe.gov.ph
Website: http://www.doe.gov.ph