WORLD OIL PRICES (ForJune18-22, 2012 trading days)

After about three consecutive weeks of trading at US$90 levels which started on the first day of June, Dubai crude price further declined by about US$4/bbl this week. MOPS gasoline and diesel followed the downward trend as the former also dropped below the US$100/bbl level in the last two trading days of the week. Week-on-week, both products decreased nearly US$6 and US$3 a barrel, respectively. Most analysts believed that the primary reason of the oil prices downtrend is the growing signs of weakness in the world economy, referring to the debt crisis in Europe and deteriorating economic data in the US, China and other parts of the world. These, according to them translate to a generally weak world oil demand. The slowdown in business activities in the said economies was supported by recent news reports disclosing that a survey of Chinese manufacturers saw a decline in the number of export orders, while the manufacturing index in Europe remained at a three-year low. In the US, manufacturing index also dropped, coupled with increased jobless claims, which suggested less improvement in the labor market. Hence, oil prices are expected to soften further in the short term. However, it is also believed that Middle East tensions and the U.S. hurricane season may limit the declines.Meanwhile, Platts noted that there is nothing significant in terms of demand for both gasoline and diesel in the region, as benchmarks sank to a fresh 2012 low amid continued downward pressure on crude prices.
FOREX: The week-on-week average of peso appreciated against the US dollar by P0.40, from P42.67 two weeks ago to P42.27 last week.
Other recommended reference sites: (1) (2) http://www.med.govt.nz/ers/oil_pet/prices/prices.html

DOMESTIC OIL PRICES

Effective today, 26 June 2012, most of the oil companies implemented a rollback of P1.80/L for unleaded gasoline, P1.00/L for diesel and kerosene 
and P1.40/L for regular gasoline. This brings both gasoline and diesel prices to a year-to-date net decrease of P3.92/L and P4.76/L, respectively.

As monitored, shown below are the retail prices in Metro Manila beginning 26 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