WORLD OIL PRICES (February 10-14, 2025, trading days)  

The week-on-week price of Dubai crude has increased by around $0.18 per barrel.  The international prices of gasoline increased by about $1.30, likewise, diesel and kerosene have also increased by about $0.85 and $0.36 per barrel, respectively.    

Reasons for the Price Adjustment¹

• Crude oil futures were lower following a potential Russia-Ukraine ceasefire and a higher-than-anticipated build in US crude oil stocks amidst geopolitical tensions as US President Donald Trump threatened to call off the Israel-Hamas ceasefire deal.  
  • US-EIA data of commercial crude stocks climbed 4.07 million barrels to 427.86 million barrels in the week ended Feb. 7 ​
• OPEC+ crude production slightly increased in January, with member countries struggling to meet their quotas, according to the latest OPEC+ Survey from Platts, part of S&P Global Commodity Insights.  
• Approximately 6.3 million barrels of Pacific crude from Russian platforms at the Sakhalin Island project are stranded after the tankers hauling them to China were blacklisted.
• The Asian gasoline market strengthened on expectations of low Chinese exports, strong regional demand, and ahead of regional refinery turnarounds.  Market expect Asian gasoline prices to remain stable moving forward, given the US refinery turnaround season.  
  • Chinese gasoline exports were expected to fall to between 400,000 mt and 500,000 mt in February from an estimated 785,000 mt in January. ​
• ​Asia's ultra-low sulfur gasoil complex trek upwards as the trading period moved further into March, which is the typical season for spring refinery turnarounds and spring planting. Also, March is the month of Ramadan, during which diesel consumption can see an uptick from visiting and food deliveries 
• The Asian jet fuel/kerosene market remained firm though fundamentals were expected to weaken as supply tightness subsided.  The improvement in premiums came on stronger domestic demand in India and the Persian Gulf.  

DOMESTIC OIL PRICES

Effective 18 February 2025, the oil companies implemented an increase of P.80/liter for gasoline and diesel, P0.10/liter for kerosene. 

Year-to-date, gasoline has a total net increase of P4.05/liter so as diesel of P4.35/liter and kerosene of P2.70/liter. 

For the updated prevailing retail pump prices, please refer to this link:

•  https://www.doe.gov.ph/price-monitoring-charts?q=retail-pump-prices-metro-manila   

Other recommended reference sites:                

• http://www.aip.com.au/pricing   
•  http:/ /www.indexmundi.com/commodities/?commodity=crude-oil-dubai  
• https://www.quandl.com/data/ODA/POILDUB_USD-Dubai-Crude-Oil-Price