WORLD OIL PRICES (May 6-10, 2013 trading days)
Week-on-week, Dubai crude increased by about US$0.60/bbl. MOPS gasoline also increased by US$0.30/bbl, as well as diesel by US$0.14/bbl.
Early during the week, oil prices climbed after Israeli’s air strikes in Syria raised renewed concerns about rising tensions in the oil-rich Middle East. The European benchmark Brent also climbed as Syria threatened retaliation against Israel.
However, prices also seesawed within the rest of the week, falling in mid-week as the dollar strengthened against some foreign currencies (including euro, the British pound and the Japanese yen), making crude oil less appealing to investors using foreign currency. The growing concerns about inflation in China likewise remain a factor. Reportedly, the energy markets may also be feeling some pressure from higher-thanexpected inflation figures from China, as rising prices could slow the economy of the world’s second-largest oil consumer.
As regards the assessments on the products market, Platts noted that the market structure for Asian gasoil firmed mid-week. However, market analysts say that demand in Asia and the Middle East was still muted, and that there was also ample supply which will continue to increase as refineries complete their turnarounds.
As for mogas, Platts noted that the market remained under pressure because of rising inventory levels in Singapore and lower Indonesian demand in May. Going ahead though, traders also pointed to prospects of stronger fundamentals. Indonesian exports are likely to rise in June after a two-month steady decline, while Taiwanese gasoline exports may fall next month, helping to ease some supply overhang in Singapore.
FOREX: Philippine Peso appreciated by P0.21 against the US dollar to P40.89, from P41.10 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 14 May 2013, most of the oil companies implemented an increase of P0.45/l for gasoline, P0.60/l for diesel and P0.50/l for kerosene.
The year-to-date total adjustments on gasoline stands at a net decrease of P1.60/liter; diesel at a net decrease of P1.92/liter.
| As monitored, shown below are the retail prices in Metro Manila beginning 14 May 2013. | ||
| Products | Price Range | Common Price |
| P/liter | ||
| Diesel | 37.15-40.10 | 38.90 |
| Gasoline | 45.45-52.74 | 48.60 |
| Auto-LPG | 27.75-30.00 | |
| LPG, P/11-kg cylinders | 590.00-720.00 | |
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