WORLD OIL PRICES (June 17-21, 2013 trading days)
Along with Brent and WTI that moved slightly higher last week, Dubai crude increased by about US$1.50/bbl compared to average in previous week. The same trend has been observed on the international price of gasoline and diesel, which averages escalated by about half and two dollars, respectively, despite of mixed factors affecting the market.
Fears of oil supply disruption brought about by escalating civil war in Syria remained to have a predominant effect on prices early last week, as the market speculates that other Middle East oil producing nations could be drawn into the conflict.
Crude oil prices, however, were balanced with the continued slowdown in Chinese manufacturing activity, which reportedly dipped to a nine-month low in June. The impending reduction in US Federal Reserve’s monetary stimulus, and the Energy Information Administration’s (EIA) report of an increase in U.S. crude stocks for the week ended June 14 also supported price slump of about US$2 to US$3 last Thursday and Friday.
Meanwhile, Platts noted that Asian gasoil/diesel market remained bullish amid tight spot supplies, partly due to continued demand from the Middle East.
Platts further disclosed of tight prompt gasoline market in Asia with the emergence of fresh demand from Vietnam and expectations of steady levels of imports by Indonesia next month. The slight uptick of gasoline in the US, following the release of the weekly US inventory data, reportedly helped push Asian cracks higher. The EIA data showed US Atlantic Coast gasoline stocks fell by 1.5 million barrels to 62.3 million barrels for the week ended June 14, although gasoline stocks remain at the top of the five-year average.
FOREX: Peso depreciated against the US dollar by P0.40 to P43.35 last week, from P42.95 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
Most of the oil companies implemented a price increase of P0.45/liter for gasoline and P0.90/liter for diesel effective today, 25 June 2013.
With today's corresponding adjustments, the year-to-date net increase in gasoline and diesel rose to P1.75/liter and P1.48/liter, respectively.
| As monitored, shown below are the retail prices in Metro Manila beginning 25 June 2013. | ||
| Products | Price Range | Common Price |
| P/liter | ||
| Diesel | 40.15-53.50 | 42.04 |
| Gasoline | 48.80-56.05 | 52.40 |
| Auto-LPG | 27.75-29.95 | |
| LPG, P/11-kg cylinders | 611.00-710.00 | |
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