WORLD OIL PRICES (September 9-13, 2013 trading days)

Dubai crude scaled higher Monday when upbeat Chinese data strengthened the outlook for demand from the world's second largest oil consumer, and on the prospect of US military strike against Syria. However, it has receded on the next trading days until mid-week on easing concerns over possible strike against Syria. Syria's foreign minister welcomed a suggestion floated by U.S. Secretary of State John Kerry to move all Syria’s chemical weapons under international control, which was also supported by Russian order to win a reprieve from U.S. military strikes.

Meanwhile, the oil market is expected to remain on sideways pattern as US State Secretary Kerry and his Russian counterpart Sergei Lavrov try to iron out the details of the deal on Syria. On the second day of talks between Moscow and Washington, aimed at averting US-led military action, Russian President Putin insisted that Syria was serious about giving up its chemical weapons.

The downtrend was halted last Thursday, as oil prices climbed after the International Energy Agency raised demand outlook for 2014. Market sentiments were also underpinned by Syria and Libya, where there were fresh reports of supply disruptions after the country's National Oil Corporation declared force majeure on three ports.

In the Asian products market, Platts noted that gasoline remained under pressure, with the product's cracks falling for a fifth day in a row to hit a 21-month low. The correction in the product's cracks gathered momentum during the week on news of further declines in imports by Indonesia -- by far the region's biggest gasoline importer.

On the other hand, the Asian gasoil/diesel market remained soft, amid thin demand from the region while supply is expected to increase in the Middle East and in China from October onwards.

Overall, Dubai crude declined week-on-week by about US$0.50/bbl. MOPS gasoline likewise decreased in the same comparative period by more than US$4/bbl, as well as MOPS diesel with a decrease of US$1.20/bbl.

FOREX: Peso depreciated against the US dollar by P0.53 to 43.94, from P44.47 in the preceding 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, 16 September 2013, most of the oil companies implemented a decrease of P1.60/liter for gasoline, P0.80 for diesel and P0.85 for kerosene.

Year-to-date net increase in gasoline lessened to P1.94/liter, the same with diesel that stands now at P3.28/liter, as shown in the table below.

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