WORLD OIL PRICES (For May 28 to June 1, 2012 trading days)
Dubai crude oil prices fell for three consecutive days last week, dropping under $100 a barrel on the first day of June to a 7-month low, following the release of weak economic data in the U.S. and China. MOPS gasoline and diesel followed through which averages declined by about US$1.50 and US$2.50 a barrel, respectively, vis-à-vis last week. The data of increased jobless rate in the U.S. and slowdown in China's manufacturing sector added concerns about the health of the global economy, further to the ongoing worries about the impact of the euro zone crisis on fuel demand. According to Arab news, oil prices have plunged by about two-thirds since reaching record highs in July, pulled down by a widening global economic slowdown that weighs on demand, reducing income for oil producing countries. Another reason cited why oil prices sharply lowered was due to the decision of the Organization of Petroleum Exporting Countries (OPEC), at a weekend meeting, to maintain current production level until December 2012 before reducing crude exports. OPEC President Chakib Khelil noted that there was no “floor” for the price of oil.
FOREX: The week-on-week average of peso depreciated against the US dollar by P0.13, from P43.40 two weeks ago to P43.53 last week.
Other recommended reference sites: (1) (2) http://www.med.govt.nz/ers/oil_pet/prices/prices.html
DOMESTIC OIL PRICES
Effective 4 June 2012, most of the oil companies implemented the 8th consecutive week rollback: P0.30/l for unleaded gasoline, P0.65 for diesel, P0.40 for regular gasoline, and P0.60 for kerosene. The year-to-date net increase for gasoline is P1.13/l, while diesel has a net decrease ofP1.36/l. Starting 1 June 2012, the domestic price of LPG also rolled-back by P5.50/kg (VAT exclusive), reflecting the decrease in LPG Contract Price for June by US$130/MT to US$739.50/MT.
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