WORLD OIL PRICES (May 18-22, 2015 trading days) 

Dubai, along with other crude benchmarks lost by about US$2 early this week following reports of persistent concerns over global oversupply and US dollar rally.  But Brent and WTI bounced back on Wednesday after the US DOE-Energy Information Administration (EIA) disclosed in a report that U.S. crude inventories fell by 2.67 million barrels to 482.17 million barrels in the week ending May 15, greater than what analysts had expected.   

Analysts further noted that oil prices were also supported by geopolitical worries, including unrest in Yemen and the Islamic State jihadists' advances in Syria and Iraq.  In oil exporter-Libya, conflict between competing administrations and parliaments allied to armed factions likewise continue fighting for control of the country.  In recent news, warplanes from the officially-recognized government of Libya attacked an oil tanker docked outside the city of Sirte, wounding three people and setting the ship on fire.  

Meanwhile, Platts stressed that strong demand across Asia, the Middle East and East Africa continued to keep sentiment upbeat in the Asian gasoline market.  Supply is not likely to increase in the short term as some north Asian refineries are still in the midst of maintenance.  Sentiment is also partly supported by data from the US-EIA, which showed a second consecutive weekly drop in the country's total gasoline stocks for the week ended May 15.  

For Asian gasoil, ample supply in the market reportedly continued to exert pressure, on increased exports from China as some refineries are resuming production after turnarounds.  Regional demand was steady, with recent requirements seen from Vietnam.  

Overall, Dubai crude price decreased week-on-week by over a dollar.  Likewise, MOPS diesel decreased by roughly US$1.50/bbl contrary to that of gasoline that increased by about a dollar.  

FOREX:  Peso per US dollar rate appreciated by P0.13 to P44.52, from P44.65 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 26 May 2015, most of the oil companies implemented a P0.40-P0.50 per liter increase in gasoline; P0.50/liter decrease in diesel and a rollback for kerosene by P0.45-P0.50 per liter.

Year-to-date total adjustments now stand at a net increase of P4.88 for gasoline and P1.51 for diesel. LPG remained at a net decrease of P4.60/kg.

* 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