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.
DOMESTIC OIL PRICES
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:
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