November 2024 – PIP – Philippine Institute of Petroleum

WORLD OIL PRICES (October 21-25, 2024, trading days)

The week-on-week price of Dubai crude has decreased by around $0.60 per barrel. The international price of gasoline and diesel have also decreased week-on-week by about $0.60 and $0.15 per barrel, respectively. On the contrary, the international price of kerosene has increased by nearly $1.00 per barrel.

Reasons for the Price Adjustment¹

Crude futures rose as a series of airstrikes exchanged in the Middle East raised supply concerns. However, uncertainty regarding the Chinese demand outlook capped the gains in prices.
On October 24, Israel launched an attack on the Syrian capital, Damascus, following a strike in southern Beirut, Lebanon, a day earlier and after Iran-backed group Hezbollah fired precision missiles in clashes with Israeli troops.
Meanwhile, the EIA’s weekly inventory report was quite bearish, showing a 5.47 million-barrel rise in US commercial crude oil inventories, significantly higher than the 1.6-million-barrel increase reported by the API.
The Asian gasoline complex was lower although there was supply tightness within the region.
- Import demand from Indonesia expected to be stable with import requirement in November being flattish on month at 10-11 million barrels.
The Asian ultra-low sulfur gasoil/diesel crack was supported on tight supply and anticipated good demand ahead of winter.
- However, the arbitrage economics to send cargoes to the west remained unworkable.
- Stocks of gasoil in the Amsterdam-Rotterdam-Antwerp region rose by nearly 1% on the week Oct. 24, and currently were at 2.217 million mt. The stocks are 26.7% higher than at the same point in 2023, when they were at 1.750 million mt.

FOREX: The week-on-week average of Philippine peso depreciated versus the US dollar by P0.13 to P57.77 from P56.64 in the previous week.

DOMESTIC OIL PRICES

Effective 29 October 2024, the oil companies implemented an increase of P0.20/liter for gasoline and a rise of P0.50/liter for both diesel and kerosene.

Year-to-date, total adjustment of gasoline and diesel stands at a net increase of P8.75/liter and P6.55/liter, respectively. On the other hand, kerosene has a total net decrease of P3.10/liter.

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1 Asia Pacific 25 October 2024 Weekly Recap by S & P Global Platts Analytics

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

https://www.doe.gov.ph/price-monitoring-charts?q=retail-pump-prices-metro-manila

Other recommended reference sites:

For more information, call the

Department of Energy
Pricing: 8840-2187
LPG: 8840-2130
Fuels: 8840-5669

Website: https://www.doe.gov.ph