WORLD OIL PRICES (Mar 25-29, 2013 trading days)
Dubai crude rose week-on-week by about a dollar, partly on news of improved US economic data that helped offset investor concerns about the Cyprus bailout. Similarly, MOPS gasoline increased by about eighty cents, contrary to diesel that decreased by nearly fifty cents, on signs of weak demand for the product in Asia.
Analysts specifically mentioned the generally improving US economy that helped boost oil prices due to:
- Solid corporate earnings;
- Aggressive Federal Reserve stimulus policy;
- Better housing and manufacturing data.
However, political uncertainty in Italy and the divergence of the weak European economy, along with concerns over any fallout from Cyprus' crisis was limiting the oil
price upswing.
On finished petroleum products, Platts noted that Asian gasoil prices continued to move down, with regional demand remaining soft and prospects of higher spot exports from
India and China weighing down sentiment.
Meanwhile, gasoline was observed to have gradual increases over the whole week amid strong buying in the Platts Market on Close assessment process.
FOREX: Philippine Peso depreciated against the US dollar by P0.16 to P40.89, from P40.73 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 today, 2 April 2013, most of the oil companies implemented an increase of P0.35/liter for gasoline.
There were no adjustments on the other products except LPG, which had a rollback of P3.00/kg (VAT exclusive) due to the month-on-month adjustment in Contract Price (CP). LPG CP decreased this month by US$73.50/MT to US$821.50, from US$895 in March.
Year-to-date net increase for gasoline rose to P0.60/liter, while diesel remain at a net decrease of P0.95/liter.
| As monitored, shown below are the retail prices in Metro Manila beginning 2 April 2013. | ||
| Products | Price Range | Common Price |
| P/liter | ||
| Diesel | 38.25-41.19 | 39.85 |
| Gasoline | 48.65-54.64 | 51.80 |
| Auto-LPG | 26.99-30.24 | |
| LPG, P/11-kg cylinders | 599.00-738.00 | |
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