WORLD OIL PRICES (January 13-17, 2014 trading days)
Global crude oil prices were mixed but analysts believe sentiment would continue to be boosted by expectations of higher world economic growth.
The price increase seen during the week was attributable in part to a sharper-than-expected reduction in US crude stocks and in part to significantly rising equity markets. Oil price uptick also came after the World Bank upgraded its 2014 forecast for global economic growth, indicating a potential improvement in oil demand.
However, the underlying trend was generally downward given ample supply of the market and expectation of growing output from Libya and Iran.
For petroleum products, Asian gasoline market remained largely steady, supported by expectations of stable demand-supply balance in February, with steady demand from Indonesia and Vietnam. Platts underscored that gains in the regional market have been capped by sustained strength in the East/West spread that keeps open the possibility of higher inflows of barrels into Singapore from India and Japan.
Meanwhile, a supply glut continued to affect the Asian gasoil/diesel market this week, as the region dealt with increased exports of middle distillates from Japan, a shut arbitrage to Europe and lackluster demand within Asia. Weak domestic demand in Japan has led to local refiners cutting crude runs and raising exports of middle distillates.
Overall, Dubai crude decreased week-on-week by about US$1.20/bbl. Similarly, MOPS diesel and gasoline decreased by about US$1.10/bbl and US$0.30/bbl.
FOREX: Week-on-week value of Peso against the US dollar depreciated by P0.16 to P44.89, from P44.73 in previous week.
Other recommended reference sites:
(1) https://www.aip.com.au/pricing (2) https://www.med.govt.nz/ers/oil_pet/prices/prices.html
DOMESTIC OIL PRICES
Effective today, 21 January 2014, most of the oil companies implemented a decrease on the price of diesel by P0.10 and kerosene by P0.35 per liter, respectively.
Year-to-date, diesel stands at a net decrease of P1.45/liter while that of gasoline remain at P0.85/liter.
| As monitored, shown below are the retail prices in Metro Manila beginning 13 January 2014. | ||
| Products | Price Range | Common Price |
| P/liter | ||
| Diesel | 40.75-45.60 | 43.80 |
| Gasoline* | 49.15-55.50 | 54.65 |
| Auto-LPG | 38.00-41.50 | |
| LPG, P/11-kg cylinders | 766.00-883.00 | |
* RON 95
For more information, call the
Department of Energy:
Pricing: 840-2187
LPG: 840-2130
Fuels: 840-5669
SMS: (0915) 4469421
Email: [email protected]
Website: https://www.doe.gov.ph