WORLD OIL PRICES (For December 31, 2012 –January 4, 2013 trading days)
Asian trade of oil prices were mixed over the week, as daily price postings for Asia for both crude and products slightly moved up and down within a range of twenty cents to about a dollar. This is due to weak energy demand and concerns over more fiscal conflicts in Washington that tempered the news of a modest growth in the US jobs market.
Being the world’s biggest oil consuming nation, the health of the US economy is a key influence on oil prices. Analysts believe the oil markets remain concerned over more
politicking in the US Congress after last week’s 11th-hour deal that would avert the fiscal cliff of tax hikes and spending cuts that threatened to tip the economy into recession. While the country’s lawmakers shelved the huge tax hikes, agreement over spending cuts was hold over until the end of February, when they must also establish an agreement to raise the country’s borrowing limit.
Moreover, Platts news revealed that steady supply from regional refineries especially in the Northeast Asia partly supported price downside in gasoline by the end of the week.
On the other hand, Singapore gasoil market was still adjusting to changes in the sulphur specification for the benchmark grade, which was changed from 5000 ppm to 500 ppm. Buying support though was seen on the new benchmark grade effected January 3. While regional spot volumes may likely be outpaced by firmer demand, Platts noted that market fundamentals are quite balanced as additional spot supply of gasoil in Asia is expected.
Week-on-week, Dubai crude increased by US$0.35/bbl. MOPS gasoline also rose by more than a dollar, while that of diesel by only US$0.35/bbl.
FOREX: The week-on-week peso per US dollar appreciated by P0.25 to P40.89, from P41.14 in previous 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
Effective 8 January 2013, most of the oil companies implemented an increase of P0.15/liter for gasoline and a decrease of P0.15/liter for diesel and kerosene.
These were the first price adjustment for the current year. In 2012, gasoline had a net increase P1.66/liter, while diesel had a net decrease of P1.33/liter.
| As monitored, shown below are the retails prices in Metro Manila beginning 8 January 2013. | ||
| Products | Price Range | Common Price |
| P/liter | ||
| Diesel | 39.55-42.50 | 41.40 |
| Gasoline | 48.50-54.85 | 53.15 |
| Auto-LPG | 30.90-33.50 | |
| LPG, P/11-kg cylinders | 665.00-810.00 | |
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