WORLD OIL PRICES (March 23-27, 2015 trading days)
Oil prices were generally going upward over the week’s trading period except in the middle of the week, when reports of rising inventories in the US caused Dubai and other crude benchmarks to decrease by less than a dollar.
By Thursday, the price of oil rose sharply by about US$4/bbl on reports of escalating unrest in Yemen as Shiite rebels advance their power grab. The Saudi Arabian jets attack against rebel targets in Yemen caused fears that an escalating crisis in the country could threaten crude producers in the Middle East and may eventually disrupt crude supplies.
However, crude prices sank by about US$2 last Friday, giving back the previous day gain, as the crisis in Yemen eased.
As regards the products market in Asia, Platts stressed that gasoline continued its upward momentum with buying interest from regional buyers like Kuwait and Sri Lanka. The recent strength is expected to persist in the near term as supplies start to tighten in anticipation of regional refinery turnaround this quarter.
Meanwhile, fundamentals in the Asian gasoil market were largely balanced, driven by steady demand for 500 ppm sulfur gasoil from South Africa and Vietnam, and tight supply of 10 ppm sulfur gasoil within Asia and the Middle East because of refinery maintenance
Overall, Dubai crude price increased week-on-week by about US$2.50/bbl. MOPS gasoline and diesel also increased by about US$3.50 and US$1.60 per barrel, respectively
FOREX: Peso per US dollar rate depreciated by P0.17 to P44.78, from P44.61 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 31 March 2015, most of the oil companies implemented an increase of P1.10/liter for gasoline, P0.60 for diesel and P0.80 for kerosene. Prices in the table reflect these adjustments
Year-to-date, gasoline stands at a net increase of P1.37 while diesel has a net decrease of P0.82.
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As monitored, shown below are the retail prices in Metro Manila beginning 31 March 2015.. |
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| Products | Price Range | Common Price | |
| P/liter | |||
| Diesel | 26.20-32.50 | 29.05 | |
| 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