WORLD OIL PRICES (For July 2-6, 2012 trading days)

Prices had jumped last week on geopolitical worries after Iran said it had successfully tested medium-range missiles capable of hitting Israel as a response to threats of attack, further stoking tension between Tehran and the West. On Tuesday, oil prices shot up on fresh tensions over Iran, where lawmakers threatened to shut the Strait of Hormuz in retaliation for oil sanctions, and after a strike shuttered production in Norway. Week-onweek,Dubai crude increased by $5/bbl; likewise for gasoline and diesel with more than $7 and $6 a barrel, respectively.Oil market observer bodies and analysts say the EU embargo, coupled with US financial sanctions, are gutting Iran's vital oil exports, which account for half of government revenues. The International Energy Agency says Iranian crude exports in May appear to have slipped to 1.5 million barrels per day (mbpd) as the market braced for the embargo, which has been phased in since its announcement on January 23.Oil prices also gained support from a strike, which started June 24, by offshore oil and gas workers in Norway. The union action over pensions has cut about 13% of the total production of the world's No. 8 producer, according to the Norwegian Oil Industry Association. However, global oil prices slid Tuesday after Norway halted an oil workers' strike and news of weak Chinese crude imports raised demand concerns. Norwegian oil fields ramped up output after the government intervened to end the 16-day strike.Commerzbank analyst Carsten Fritsch noted that "disappointing Chinese import figures are adding to the burden on prices; it imported considerably less crude oil in June due to the fact that refineries sharply cut their capacity utilization last month."Dubai crude week-on-week average declined by about a dollar. MOPS gasoline and diesel also dropped by about US$0.20 and US$0.50 a barrel.

FOREX: The week-on-week average of peso depreciated against the US dollar by P0.61, from P42.41 two weeks ago to P41.80 last week.
Other recommended reference sites: (1) http://www.aip.com.au/pricing(2) http://www.med.govt.nz/ers/oil_pet/prices/prices.html

DOMESTIC OIL PRICES 

After more than three months of price rollbacks, most of the oil companies effected increases of P1.55/li for gasoline and P1.40/li for diesel this week, 10 July 2012.This brings the year-to-date net decrease for diesel and gasoline to P2.37 and P3.66 per liter, respectively.

As monitored, shown below are the retail prices in Metro Manila beginning 10 July 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