WORLD OIL PRICES (April 22-26, 2013 trading days)

Oil prices generally increased since Monday, 22 April 2013, on expectations that the Organization of Petroleum Exporting Countries (OPEC) could lower output to avoid further decline in oil prices. Brent crude posted below the US$100/bbl last week, the level which some of OPEC members regarded as a "reasonable" price for consumer and producer.

Several news reports during the week further supported the upward trend, such as the following:

• Steep drop in US gasoline inventories in the week ending April 19, signifying higher demand:
• Inventories dropped by 3.9 million b/d, greater than analyst’s expectation of merely 0.2 mil b/d. It was however due to unexpected drop in refinery output.
• Expectations that demand will pick up ahead of the summer driving season in the US, the world’s top oil consumer;
• Speculation that the European Central Bank (ECB) will cut interest rates, following another weak business survey in Germany, Europe's biggest economy: o ECB move would support demand for commodities from the euro zone.
• Limited capacity of refineries in the Asian region, which have recently gone through turnarounds.

Nonetheless, price gains were capped as concer ns over the status of the global economy, and its impact on oil demand, remained. Latest report on orders for manufactured goods in the US was noted to have the biggest drop in seven months in March. This follows other gloomy global data, with growth in Chinese fac tories slowing, and German business activity falling for the first time in five months.

Overall, Dubai crude increased week-on-week by more than a dollar. Gasoline also increased by about US$1.70/bbl; diesel increased as well by US$1.30/bbl.

FOREX: Philippine Peso depreciated against the US dollar by P0.11 to P41.25, from P40.26 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, 30 April 2013, most of the oil companies implemented an increase of P0.50/liter for gasoline and P0.40/liter for diesel.

Year-to-date, gasoline stands at a net decrease of P2.05/liter, also diesel at a net decrease of P2.52/liter.

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