OIL MONITOR As of 29 April 2025

Date published: May 2, 2025

WORLD OIL PRICES (April 21-25, 2025, trading days)

The week-on-week price of Dubai crude increased by about $1.30 per barrel.  The international prices of gasoline have also increased by about $2.70 per barrel along with kerosene by about $1.70 per barrel and diesel by around $1.40 per barrel.

Reasons for the Price Adjustment1

  • Crude oil futures settled lower than previous week as the market observed continued US crude oil stock/supply inventory builds and concerns on the clarity of OPEC+’s next move.
    • US crude oil inventory builds extended for a fourth straight week in the week to April 18, US Energy Information Administration data showed April 23, as slower exports offset an uptick in refinery demand.
    • The U.S. imposed recent sanctions on an Iranian shipping network moving large volumes of crude and liquid petroleum gas adds pressure on global crude supply when physical balances appear to be tightening.
    • Market is also focused on the Russian-Ukraine conflicts’ unclear peace deal, with Russian President Vladimir Putin proposing to put a stop to his invasion at the current front lines, which leaves unfavorable terms for Ukraine.
    • Market awaits on the progress in the China-US trade negotiations as US President Donald Trump softened his positions over Federal Reserve Chair Jerome Powell's role and the tariff dispute with China.​​
  • The Asian gasoline market complex strengthened amid a drop in US stocks as its gasoline stocks fell to a near four-month low of 229.543 million barrels in the week ended April 18 from 234,019 million barrels the week before, according to Energy Information Administration data.
  • Asian gasoil market was rangebound amid emergence of spot tenders.
    • Japan announced on April 22 that it will revise the current fuel subsidy policy introduced in January 2022, opting for a fixed subsidy starting May 22 in response to rising pump prices, which would likely support their domestic consumption.
    • South Korea has extended the rate cut which will lead to increase in retail prices and dampen the already weak domestic demand.

FOREX:  The week-on-week average of Philippine peso appreciated versus the US dollar by P0.34 to P56.55 from P56.88 in the previous week.

 

DOMESTIC OIL PRICES

Effective 29 April 2025, local oil companies implemented a price increase of P1.35/liter for gasoline, P0.80/liter for diesel and P0.70/liter for kerosene.

Year-to-date, gasoline and diesel have a total net increase of P3.65/liter respectively, while kerosene has a total net decrease of P1.10/liter.

For the updated prevailing retail pump prices, please refer to this link:

Other recommended reference sites:                

1 Asia Pacific 25 April 2025 Weekly Oil Recap by S & P Global Platts Analytics 

For more information, call the

Department of Energy

Pricing: 8840-2187

LPG: 8840-2130

Fuels: 8840-5669

Website: https://www.doe.gov.ph

 

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