Oil Monitor as of 24 February 2015

Date published: July 1, 2015

WORLD OIL PRICES  (February 16-20, 2015 trading days) 

Threats to Middle East crude production and the falling U.S. oil rig count seemed to spur the oil market as oil prices continued its rally over the trading week. It was despite reports that global inventory data suggested an oversupply of up to 2 million barrels per day.

Price uptick was reportedly supported by the following:

  • Violence in Libya has shut all major ports and oil exports from the country have collapsed to just a trickle;
  • Iraq's semi-autonomous Kurdistan Regional Government has threatened to withhold oil exports if Baghdad failed to send its share of the budget;
  • Comment by Nigerian Oil Minister Diezani Alison-Madueke saying that the country might call for an OPEC extraordinary meeting in the next six weeks or so if prices fell further.

Meanwhile, trading in Singapore was closed last Thursday and Friday in celebration of the Lunar New Year, in time when the US government reported that crude inventories increased again to record highs. Said report added to concerns about the global supply glut causing WTI and Brent to drop by almost two dollars midweek.

In the Asian market, gasoline appeared calm by high stock levels in Singapore, especially since Indonesia, the region's biggest importer is poised to import more gasoline. Platts noted Wednesday that commercial stockpile of light distillates, which includes gasoline, reformate and naphtha but excludes gases like LPG was still healthy as latest data from International Enterprises Singapore showed stocks remained above the 13-million barrel mark for the second straight week.

On the other hand, gasoil market was reportedly steady, as trading activity in Asia is winding down after the Lunar New Year holiday. While supply was said to remain ample in the region due to high refinery runs, it was being largely balanced out by robust demand from the West, Platts said.

Overall, Dubai crude increased by US$3.40/bbl. MOPS gasoline also increased by about US$3.20/bbl and diesel by nearly US$2.80/bbl.

FOREX:   Peso per US dollar rate appreciated by P0.10 to P44.24, from P44.34 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 


Effective 24 February 2015, most of the oil players implemented an increase of P0.85/liter in gasoline, P1.00/liter in kerosene, and P0.80/liter in diesel.

The total year-to-date adjustments reversed to a net increase of P0.80/liter in gasoline and P0.05/liter in diesel. LPG remains at net decrease of P4.80/kg.

As monitored, shown below are the retail prices in Metro Manila beginning 24 February 2015.

Products Price Range Common Price
Diesel  27.90-31.20  30.10
Gasoline*  37.80-43.35  42.00 
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