WORLD OIL PRICES (April 14-18, 2014 trading days)

World crude prices continue to go up during the week due to:

• Renewed violence in Ukraine threatened to destabilize an accord reached last week in Russia, the world’s largest energy exporters;
• Civil unrest has decimated production and shipments from Libya, the holder of Africa’s largest crude reserves and a member of the Organization of Petroleum Exporting Countries.

On the movement of the Asian market, Platts noted sentiment in the Asian gasoline market remained supported on limited supply in the region from refinery turnarounds, which also prompted some importers to seek additional barrels.

Premiums on 10 ppm Sulfur Gasoil remained supported on steady demand from Australia and reduced exports from North Asia because of schedule refinery maintenance.  There were also concerns China might export more diesel amid weak domestic consumption due to a slowing economy.

Adding to this, demand is expected to climb ahead of Muslim fasting month Ramadan, which begins late June this year.

Overall, Dubai crude increased week-on-week by US$2.00 bbl.  MOPS gasoline and diesel increased as well by about US$2.50 and US$2.20/bbl, respectively.

FOREX: Week-on-week value of Peso appreciated against the US dollar by P 0.14 to P44.48 from P44.62, 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, 22 April 2014, most of the oil companies increased their prices by P0.55 both for gasoline and diesel.  Price of kerosene also increased by  P0.70/liter.

Year-to-date total adjustments stand at a net decrease of P0.40/liter for diesel, and a net increase of P0.65/liter gasoline.

* 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