Oil Monitor as of 17 March 2015

Date published: July 1, 2015

WORLD OIL PRICES (March 9-13, 2015 trading days) 

Crude oil prices decreased by about US$3 to US$4 a barrel over the whole week reportedly due to the following:  

  •  Rising US stockpiles amid a global supply glut.  US-Department of Energy disclosed that US crude inventories had climbed to a fresh record high of 448.9 million barrels in the week ending 06 March, while stockpiles at Cushing also had increased.  
  • Weaker US dollar.  The greenback had eased from 12-year highs.  A weaker dollar makes dollar-priced crude cheaper for buyers using stronger currencies, tending to support demand and, in turn, prices.    

A broadly weak US retail sales report for February also hung over the oil market. 

On Platts news about the Asian market, it noted that gasoline demand continued to support the market during the week, with firm buying from Middle East and Vietnam.  While prices may have eased in the prompt period, traders still see the potential for firming ahead of planned refinery turnarounds in the second-quarter.   

Meanwhile, sentiment in the Asian gasoil/diesel market could firm going forward on tightening regional supply amid upcoming refinery turnarounds in the second quarter and pick-up in demand from Vietnam -- one of the region's key spot buyers.  While supplies are seen tightening in Asia, Platts stressed that new refinery capacity in the Middle East is coming on-stream.  It could add volumes into the market.  

Overall, Dubai crude price decreased week-on-week by almost US$3.00/bbl.  MOPS gasoline and diesel also decreased by US$2.30/bbl and US$3.20/bbl, respectively.  

FOREX:  Peso per US dollar rate depreciated by P0.16 to P44.28, from P44.12 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 


Most of the oil companies rolled back their prices of gasoline by P0.50/l-P0.55/l, diesel by P0.85/l and kerosene by P1.10/l effective 17 March 2015.      

The year-to-date adjustments summed to a net increase of P1.37 in gasoline and net decrease of P0.65 in diesel.   

As monitored, shown below are the retail prices in Metro Manila beginning 17 March 2015..

Products Price Range Common Price
Diesel        26.35-32.65            29.20
Gasoline*         38.37-43.92            42.45
Auto LPG         23.70-24.40  
LPG, P/11-kg cylinders      508.00-728.00  

* 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