Oil Monitor as of 20 February 2024

Date published: February 22, 2024

WORLD OIL PRICES (February 12-16, 2024, trading days)

The week-on-week price of Dubai crude has increased by around $2.80 per barrel. MOPS gasoline, diesel and kerosene have also increased by nearly $3.30, $2.25, and $2.75 per barrel, respectively.

Reasons for the Price Adjustment1

  • Crude oil prices rose on dollar weakness with gains being capped by higher-than-expected/UKCPI inflation data, US inventory build and economic slowdown in Asian countries as the impact of potentially disruptive events in Red Sea appears to be diminishing.
  • The US dollar showed a larger-than-expected drop of 0.4% following the release of January's US retail sales report.
  • The Asian gasoline complex weakened tracking losses from US gasoline supplied data, a proxy for demand, however high Chinese demand and lower gasoline exports amid the Lunar New Year festivities provide floor to the complex.
    • Gasoline demand picks up during the Chinese Lunar New Year festival celebration that began in January and will last until early of March this year.
    • US refinery turnarounds along with summer driving season approaching further adds strength to the complex.
  • For Asian gasoil/diesel crack fell on week as of Feb. 15 Asian close.
    • Cash premium for Asian ultra-low sulfur gasoil slipped on the week following the recent surge in freight rates, however near-term outlook for Asian gasoil complex remains stable-to-firm on upcoming refinery turnaround season.

FOREX: The week-on-week average of Philippine peso appreciated versus the US dollar by P0.07 to P56.04 from P56.11 in previous week.

Effective 20 February 2024, the oil companies implemented a per liter increase in the price of gasoline, diesel, and kerosene by P1.60, P1.10 and P1.05, respectively.
Year-to-date adjustment of gasoline, diesel and kerosene stands at a net increase of P6.15/liter, P5.40/liter and P1.50/liter, respectively.

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

Other recommended reference sites:

1 Asia Pacific 16 February 2024 Weekly Recap by S & P Global Platts Analytics

For more information, call the

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