WORLD OIL PRICES (April 28 - May 2, 2014 trading days)

World crude prices have sustained marginal declines over the week as reports showed that U.S. economic growth slowed to 0.1 percent in the first quarter of the year, and oil supplies in the U.S. rose to record levels in the week ending 25 April 2014.

Oil prices were also affected by the disclosure of the US Federal Reserve of its monetary policy statement, which further trimmed the monthly bond buying programme by $10 billion.

On the supply side, rising oil exports by Libya, though still far from earlier levels of near 1.4 million barrels per day, also contributed to the drop in prices. Libya's National Oil Corporation reported that the country’s current exports rose to 285,000 barrels a day, from 230,000 barrels a day in the first half of April.

Specifically for Asia, Platts noted that ample supply continued to exert downward pressure on Asian gasoline amid lack of fresh demand. A boost in demand for stockpiling ahead of Ramadan was expected but then Indonesia, Asia's largest importer requested to defer some of its May-delivery cargoes to June. As such, rising inventory levels in the Asian region added to the bearish sentiment.

Meanwhile, the Asian gasoil market was also reportedly losing ground as a large number of May-loading barrels from the Middle East and India continued to be offered, with no clear outlets in sight. South Korea and Japan have also been exporting steadily, adding on to the stockpiles in Singapore.

Overall, Dubai crude decreased week-on-week by about a dollar. MOPS gasoline and diesel decreased as well by about US$2.40/bbl and US$1.45/bbl, respectively.

FOREX: Week-on-week value of Peso appreciated by P0.07 against the US dollar to P44.52, from P44.59 in the preceding 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, 6 May 2014, most of the oil companies implemented a decrease of P0.75/liter for gasoline and P0.50/liter for diesel and kerosene.

On 01 May 2014, LPG prices also decreased by P0.25/kg or P2.75/11-kg cylinder, due to the US$2.00/MT reduction in the international LPG Contract Price for May to US$810.50/MT, from US$822.50/MT in April.

Year-to-date total adjustment stands at a net increase of P0.10/liter for gasoline and a net decrease of P0.60/liter diesel. LPG has a total price reduction of P16.91/kg or P186.00/11-kg cylinder.

* 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