Oil Monitor as of 14 May 2024

Date published: May 14, 2024

WORLD OIL PRICES (May 6-10, 2024, trading days)

The week-on-week price of Dubai crude has decreased by almost $2.50 per barrel. The international price of gasoline, diesel and kerosene have also decreased per barrel week-on-week by about $5.90, $1.50 and$ 1.50, respectively.

Reasons for the Price Adjustment1

  • Crude oil futures were higher on heels of surprise US inventory draw and positive Chinese cues however the slowing economic growth concerns kept a cap on the prices.
  • China's crude oil imports rose 5.5% on the year in April, bolstering optimism that demand from the country remains robust amid its uneven economic recovery.
  • The Asian gasoline complex softened, tracking a narrowing US RBOB-Brent crack, and amid rising refinery run rates in the region.
  • According to the latest data from the US Energy Information Administration (EIA), the US gasoline inventories rose by 915,000 barrels to 228.002 million barrels in the week ended May 3.
  • The Asian gasoil/diesel complex remained under pressure amid ample supply however some demand came in from Southeast Asia with Vietnam seeking spot cargoes, supporting the prices.
    • The Middle East countries as well as India continued to tender cargoes for export.
  • The gasoil production is slated to remain supported in June as refineries return from maintenance season, however, a rise in it would be capped by prioritizing gasoline production during the summer driving season.

FOREX: The week-on-week average of Philippine peso appreciated versus the US dollar by P0.26 to P57.31 from P57.57 in previous week.

DOMESTIC OIL PRICES

Effective 14 May 2024, the oil companies implemented a per liter decrease in gasoline by P2.00, diesel by P0.50 and kerosene by P0.85.

Year-to-date adjustment of gasoline and diesel stand at a per liter net increase of P7.25 and P4.20, respectively. Kerosene, on the other hand, has a net decrease of P1.65 per liter.

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1 Asia Pacific 10 May 2024 Weekly Recap by S & P Global Platts Analytics

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

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For more information, call the

Department of Energy
Pricing: 840-2187
LPG: 840-2130
Fuels: 840-5669
Website: https://www.doe.gov.ph

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