WORLD OIL PRICES (April 21-25, 2014 trading days)
World crude prices were in mixed trade for the whole week amid concerns over robust US crude-supply levels and uncertainty surrounding developments in the Ukraine. Reports disclosed of escalating geopolitical tensions in Ukraine while the United States and Europe prepared new sanctions against Russia.
The situation also remains difficult in Libya. The rebels in Libya have reportedly threatened not to open the two larger oil terminals, Ras Lanuf and Es Sider, unless the government meets the conditions laid down in the agreement, which, among others, include the payment of wages to the rebels. Without the two most important export terminals, the supply of oil from Libya remains severely restricted.
Specifically for Asia, gasoline market remained mixed as demand for gasoline from the Middle East and Africa has been stable, contrary to the demand from Indonesia, Asia’s largest importer, which was not stable as initially expected. Indonesia had nominated 8.3 million-8.7 million barrels of 88 RON gasoline for May but was heard to have deferred an unknown number of cargoes to June. On the supply side, refinery turnarounds are keeping tight supply in the region, and thus supporting the market.
Meanwhile, a positive outlook for the Asian gasoil/diesel market is seen from the second half of May onwards. This is due to the market participants’ anticipation of rising demand from the Middle East, Indonesia and Africa, as well as reduced supply due to the 2nd quarter peak refinery turnaround season in Asia.
Overall, Dubai crude increased week-on-week by about US$0.30/bbl. MOPS gasoline and diesel increased as well by US$0.25 and US$0.65 per barrel, respectively.
FOREX: Week-on-week value of Peso depreciated against the US dollar by P0.11 to P44.59, from P44.48 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, 29 April 2014, most of the oil companies implemented an increase of P0.20/liter for gasoline, P0.30/liter for diesel and P0.25/liter for kerosene.
Year-to-date total adjustments stand at a net increase of P0.85/liter for gasoline and a net decrease of P0.10/liter diesel.
| As monitored, shown below are the retail prices in Metro Manila beginning 29 April 2014. | ||
| Products | Price Range | Common Price |
| P/liter | ||
| Diesel | 42.90-46.30 | 45.35 |
| Gasoline* | 50.85-56.95 | 54.25 |
| Auto-LPG | 31.67-33.90 | |
| LPG, P/11-kg cylinders | 690.00-810.00 | |
* 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