Oil Monitor as of 02 April 2024

Date published: April 2, 2024

WORLD OIL PRICES (March 25-29, 2024, trading days)

The week-on-week price of Dubai crude has decreased by almost $0.20 per barrel. The international price of diesel and kerosene have also decreased by about $2.60 and $3.40 per barrel, respectively. On the contrary, the international price of gasoline has increased by nearly $0.20 per barrel.

Reasons for the Price Adjustment1

  • The US Energy Information Administration data confirmed the resumption of seasonal US inventory builds.
    • The US commercial crude stocks climbed 3.17 million barrels to 448.21 million barrels in the week to March 22.
  • The market is also watching OPEC members for any sign they may be altering their viewpoint on production quotas noting that the bloc's Joint Monitoring Ministerial Committee is due to meet on April 3 to review the current adherence to the production agreement.
    • Analysts anticipated that the existing policy of 2.2 million b/d cuts would remain status quo.
  • The Asian gasoline complex softened tracking the narrowing US RBOB-Brent crack spread, amid rising US stocks.
  • Indonesia's April gasoline imports are expected to remain unchanged on the month and comparatively lower on the year at 11 million barrels, as healthy inventories from pre-elections stock-up will offset Eid al-Fitr demand.
  • Unfavorable arbitrage economics to move cargoes to Europe dampened trading sentiment and kept supply ample in the region, dampening the overall gasoil/diesel complex.

FOREX: The week-on-week average of Philippine peso depreciated versus the US dollar by P0.38 to P56.29 from P55.91 in previous week.

DOMESTIC OIL PRICES

Effective 02 April 2024, the oil companies implemented a decrease in diesel and kerosene by P0.60 and P1.05 per liter, respectively. However, gasoline prices increased by P 0.45 per liter.

Year-to-date adjustment of gasoline and diesel stand at a per liter net increase of P8.20 and P4.50, respectively.

___________________________

1 Asia Pacific 29 March 2024 Weekly Recap by S & P Global Platts Analytics

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

Other recommended reference sites:

 

For more information, call the

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

Pages