WORLD OIL PRICES (May 20-24, 2013 trading days)
The previous week’s oil price uptrend was sustained in the first two trading days last week, following the International Energy Agency’s (IEA) forecast of greater demand for the year. Increases early last week were also attributed to upsurge in Middle East demand driven by increased air-conditioning usage, with exports from Asia, India and Europe meeting a significant part of its demand. Further, gasoil prices in the Middle East continued to drive up as the region enters its summer peak demand season.
However, the trend receded towards the end of the week on reports of weak crude demand this month in the world’s largest oil consumers China and the US. Reportedly, China's factory activity declined in May, the first time in seven months, while U.S. manufacturing grew at its slowest pace since October.
Moreover, the latest report of the U.S Energy Information Administration (EIA) showed that gasoline stocks remained close to their highest inventory level. This is an indication that there are ample supplies as demand for the summer driving season rises.
As for assessments on Asia’s product market, Platts noted of tightening fundamentals of Asian gasoline. The emergence of unexpected demand from India and Sri-Lanka has tightened the demand-supply balance for early June, especially amid higher Indonesian imports and a halt of Taiwan’s gasoline export next month.
Meanwhile, gasoil/diesel increased over the week on low middle distillate stocks in Singapore, Asia’s oil trading hub.
Overall, Dubai crude increased week-on-week by about US$0.40/bbl. Also, MOPS gasoline and diesel increased by about US$0.70/bbl and US$0.80/bbl, respectively.
FOREX: Philippine Peso appreciated by P0.16 against the US dollar to P41.34, from P41.18 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, 28 May 2012, most of the oil companies implemented an increase of P0.30/liter for gasolines, P0.40/liter for diesel and P0.45 for kerosene.
With the said price adjustment, the year-todate net decrease diminished to P0.95/liter for gasoline and P1.27/liter for diesel.
| As monitored, shown below are the retail prices in Metro Manila beginning 28 May 2013. | ||
| Products | Price Range | Common Price |
| P/liter | ||
| Diesel | 37.40-40.75 | 39.55 |
| Gasoline | 46.10-53.35 | 49.40 |
| 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