WORLD OIL PRICES (For May14-19, 2012 trading days) 

Oil prices fell further this week, the lowest level in more than six months, as US supplies grew to the most since 1990 and talks to form coalition government in Greece collapsed, raising concern that Europe’s debt crisis will worsen and may eventually dampen oil demand. Dubai crudedecreased week-on-week by nearly US$2, as well as gasoline and diesel by almost US$4 and US$2.5 a barrel, respectively. Inventories at Cushing, Oklahoma, the delivery point for contracts traded on the New York Mercantile Exchange, rose by 2.3 percent to 45.1 mil b/d, the highest level in record, the US-DOE reported. The total US petroleum demand was generally flat in the past four weeks ending May 11. US consumption in most recent week averaged 18.7 million b/d, up by 0.2 percent from the previous week, the DOE added. Prices also dropped on concern that Greece may leave the euro zone. A Greek caretaker government will prepare new elections, tentatively on July 17, after its president was unable to broker the creation of a governing coalition in meetings with other political leaders.German Finance Minister Wolfgang Schaeuble stressed that the new elections will be a referendum on whether Greece stays in the euro. Meanwhile, Asian regional fundamentals for gasoline and diesel remain buoyed by hefty demand particularly seen from Indonesia and Vietnam, Platts sources noted. Looking ahead, the International Energy Agency (IEA) expects oil market to become tighter in the second half of 2012 if EU and US sanctions keep more than 1 mil b/d of Iranian oil exports off the market, and the non-OPEC output disruptions take a turn for the worse. Although US crude stocks are now higher than a year ago and OPEC stepped up to boost supplies in recent months, production stoppages from Sudan, Syria, Libya and other non-OPEC producers remain a threat to markets, the IEA said. 

FOREX: The week-on-week average of peso depreciated against the US dollar by P0.48, from P42.40 two weeks ago to P42.88 last week. 
Other recommended reference sites: (1) (2) http://www.med.govt.nz/ers/oil_pet/prices/prices.html

DOMESTIC OIL PRICES

Effective today, 22 May 2012, most of the oil companies implemented the 6th-week consecutive rollback: P0.65/l for unleaded gasoline, P0.30 for diesel, P0.65 for regular gasoline, and P0.40 for kerosene. The year-to-date net increase for gasoline is P1.85/l, while diesel has a net decrease of P0.36/l.

As monitored, shown below are the retail prices in Metro Manila beginning 22 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