WORLD OIL PRICES (ForJune4-8, 2012 trading days)

Dubai crude price hovered around US$90/bbl after it went down below the US$100 level on first day of June, on fears that the eurozone debt crisis will engulf more countries and threaten petroleum demand. Week-on-week, Dubai crude had a sharp decline of more than US$6 a barrel. MOPS gasoline and diesel decreased as well by nearly US$7 and US$6, respectively.Reuters quoted Mr. Peter Voser, CEO of Royal Dutch Shell, stressing that the recessionary elements in Europe and a small slowdown in Asia Pacific are among the reasons behind the softening of global oil demand. At the same time, some of the geopolitical elements of price volatility, such as the tension between the West and Iran over the latter’s uranium enrichment and conflicts in other oil producing nations have somewhat receded. As such, price softening is expected to go well until the second half of this year.Meanwhile, the market anticipates European leaders to rescue the struggling economies and find a plan to save Spain and the rest of the Eurozone. As of last week, the EU group of seven finance chiefs has yet to come up with a specific plan,but pledge to take actions to respond "speedily" to the debt crisis, which would include Spanish banks that could collapse without direct aid from Europe.On the other hand, the International Energy Agency warned that recent moderation in world oil prices, following a months-long run-up, remained fragile and that high prices still posed a threat to world economies.
Other recommended reference sites: (1) (2) http://www.med.govt.nz/ers/oil_pet/prices/prices.html

DOMESTIC OIL PRICES

Effective 11 June 2012, most of the oil companies implemented the 9th and biggest rollback on oil prices this year: P2.05/L for unleaded gasoline, P1.90/L for diesel, P2.50/L for regular gasoline, and P2.10/L for kerosene. Both gasoline and diesel resulted to a year-to-date net decrease of P0.92/L and P3.26/L, respectively.

As monitored, shown below are the retail prices in Metro Manila beginning 11 June 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