WORLD OIL PRICES (For July 9-13, 2012 trading days)

Fears of violence in the Persian Gulf pushed prices higher last week, as the Iranian leaders reportedly threatened to block the key shipping channel if Western sanctions against Iran continue.Dubai crude was almost in the same average level as the preceding week.Diesel increased by more than a dollar while gasoline increased by about US$3 a barrel.The US,frustrated by its stalled nuclear diplomacy, enacted new sanctions against Tehran, aimed at further eroding its military industries and oil exports. Reports disclosed that the new sanctions are designed to hinder the country’s nuclear and ballistic missile programs. The US Treasury Department identified Swiss, Chinese, Malaysian and Emirati trading entities that are allegedly operating as fronts for Tehran's state oil companies, including the National Iranian Oil Co. The US placed 20 Iranian financial institutions on a watch list for their alleged role in sanctions-busting. It also identified 58 National Iranian Tanker Co. vessels, and their international shipping numbers, in an effort to block their abilities to fly under false flags or names.Iran is demanding a lifting of the sanctions and recognition by the global powers of its rights to produce nuclear fuel before making any concessions to Washington and its diplomatic partners. However, the international diplomatic bloc is demanding Iran to freeze its production of medium-enriched uranium, and ship it out of the country, in exchange for mild sanctions relief.Considering the latest batch of data that continued to deliver mixed views of the global economy, investors and analysts find it hard to figure the price trend in the near term. China and other emerging economies seem to be using more oil but those increases are offsetted by weaker demand in the U.S., the world's biggest oil consumer, and in Europe, which continues to struggle with massive government debts.

FOREX: The week-on-week average of peso depreciated against the US dollar by P0.15, from P41.80 two weeks ago to P41.95 last week.
Other recommended reference sites: (1) (2) http://www.med.govt.nz/ers/oil_pet/prices/prices.html

DOMESTIC OIL PRICES

Effective 17 July 2012, most of the oil companies effected a P1.00/l increase for gasoline and P0.50/l for diesel.This is the second week of increases after more than two months of consecutive rollbacks.This brought down the year-to-date net decrease to P1.37/l for gasoline and P3.16/l for diesel.

As monitored, shown below are the retail prices in Metro Manila beginning 17 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