WORLD OIL PRICES (February 17-21, 2025, trading days)  

The week-on-week price of Dubai crude has increased by around $0.30per barrel.  The international prices of gasoline have also increased by about $1.00 per barrel, and kerosene by about $0.20 per barrel. Diesel decreased by around P0.10 per barrel. 

Reasons for the Price Adjustment¹

• Crude oil futures settled higher as the market shrugged off a larger-than- expected US inventory build amid heightened geopolitical tensions as an apparent rift between US President Donald Trump and Ukraine President Volodymyr Zelensky added uncertainty to global markets.  ​
• Freezing temperatures in US threatening shutting of wells in North Dakota, the third-largest US oil producing state that experienced shut-ins from the latest temperature drop . Approximately 6.3 million barrels of Pacific crude from Russian platforms at the Sakhalin Island project are stranded after the tankers hauling them to China were blacklisted.
• The market also considered the impact of OPEC+ delaying production hikes, supposedly due starting April 2025.  
• The Asian gasoline market was rangebound stronger as overall gasoline supplies in Asia are expected to fall due to lower export volumes by regional exporters, low inventories in China and a planned refinery turnaround in Taiwan.  Prices could rise further due to firm demand from Indonesia during the Ramadan festive season; however, US supplies declined last week. 
• Asia’s ultra-low sulfur gasoil complex was soft as the March trading period showed excess February cargoes adding to supply despite some expectations of fewer cargoes from China.  Chinese independent refiners were heard at low crude utilization rates, which may impact overall export volumes for March. 
• The Asian jet fuel/kerosene market weakened as supplies are expected to rise while demand is expected to firm amid coming Ramadan festival in middle east and southeast Asia. 

DOMESTIC OIL PRICES

Effective 25 February 2025, the oil companies implemented an increase of P0.70/liter for gasoline, P0.40/liter for diesel and P0.20/liter for kerosene. 

Year-to-date, both gasoline and diesel have a total net increase of P4.75/liter while kerosene has total net increase of P2.90/liter. 

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

•  https://www.doe.gov.ph/price-monitoring-charts?q=retail-pump-prices-metro-manila   

Other recommended reference sites:                

• https://www.aip.com.au/pricing   
•  http:/ /www.indexmundi.com/commodities/?commodity=crude-oil-dubai  
• https://www.quandl.com/data/ODA/POILDUB_USD-Dubai-Crude-Oil-Price