WORLD OIL PRICES (Oct 7-11, 2013 trading days)

Crude prices were lower Monday with pressure coming from a return to operations in the US Gulf of Mexico, following the weekend downgrade of Tropical Storm Karen to a tropical depression. The market shifted back its focus to the political wrangling in Washington that has forced to a partial government shutdown and increased US oil inventories.

However, clashes in Egypt and the capture by U.S. forces of a senior al Qaeda figure in Libya supported marginal increases on risk of disruptions to supply from key oil-producing areas in North Africa. It further gained on news reports that Libyan Prime Minister Ali Zidan was seized by gunmen in Tripoli, though freed after a few hours. The details of the incident remained unclear amid differing reports.

Prices also recuperated by the end of the week on signs that the US government made progress toward ending its budget and debt-ceiling impasse following the meeting between President Barack Obama and House Republicans.

For oil products in Asia, gasoline market remained subdued, with little changes seen to fundamentals amid growing inventories in Singapore. Platts noted that the market lacked direction due to the absence of strong fundamental cues.

Further, Asian sentiment for medium to high sulfur gasoil/diesel cargoes remained firm amid steady demand and lower run rates in North Asia, as refiners are switching to higher kerosene production ahead of the peak winter season. A turnaround at Indonesia’s Pertamina Balongan refinery and peak demand for the upcoming Eid al-Adha holidays added support to the Asian gasoil market.

Overall, Dubai crude and MOPS gasoline rose week-on-week by about US$1.50/bbl. Similarly, MOPS diesel gained by about US$2.20/bbl

FOREX: The Peso value per US dollar appreciated by P0.19 to P43.15, from P43.34 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 15 October 2013, most of the oil companies implemented an increase in pump prices by P0.25/liter for gasoline, P0.55/liter for diesel and P0.35/liter for kerosene.

Year-to-date net increase likewise rose to P0.94/liter for gasoline and P2.78/liter for diesel. LPG remained at a net decrease of P2.79/kg.

* RON 95

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