Oil Monitor as of 6 February 2024

Date published: February 6, 2024

WORLD OIL PRICES (January 29- February 2, 2024, trading days)

The week-on-week price of Dubai crude has increased by around $1.50 per barrel. MOPS gasoline, diesel and kerosene have also increased by about $1.30, $3.25, and $2.00 per barrel, respectively.

Reasons for the Price Adjustment1

  • Crude prices rose on renewed optimism for Asian demand and continued tensions in the Middle East despite the increase in US crude oil inventories.
    • Middle East remained elevated following the alleged Iranian attack on US forces in Jordan that resulted in multiple casualties Jan. 28.
  • OPEC and its allies will stay the course, with two months left on their latest scheduled voluntary production cuts, after a key advisory committee on Feb. 1 made no recommendations on production policy.
  • The Asian gasoline complex weakened amid demand being offset by higher gasoline prices and a rise in US gasoline stocks.
    • The US EIA data showed gasoline stocks have increased by 1.16 million barrels to 254.1 million barrels in the week ended Jan. 26.
    • However, the gasoline market is still supported by firm demand from Indonesia and expectations of lower supplies ahead of planned regional refinery turnarounds in Malaysia and South Korea.
    • Indonesian demand for gasoline remains firm in the upcoming Eid al-Fitr celebration in April.
  • The gasoil/diesel complex strengthened on widening inter-regional product price spreads amid tighter clean tanker availability in the East and higher freight rates.
  • Traders also awaited further clarity on pricing direction amid upcoming refinery maintenance activity.

FOREX: The week-on-week average of Philippine peso appreciated versus the US dollar by P0.04 to P56.26 from P56.30 in previous week.


Effective 06 February 2024, the oil companies implemented a per liter increase in the price of gasoline, diesel, and kerosene by P0.75, P1.50 and P0.80, respectively.
Year-to-date adjustment of gasoline, diesel and kerosene stands at a net increase of P5.15/liter, P4.40/liter and P0.85/liter, respectively.

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