Oil Monitor as of 16 April 2024

Date published: April 18, 2024

WORLD OIL PRICES (April 8-12, 2024, trading days)

The week-on-week price of Dubai crude has increased by almost $1.20 per barrel. The international price of gasoline, diesel and kerosene have also increased by about $0.20, $1.50, and $1.60 per barrel, respectively.

Reasons for the Price Adjustment1

  • Crude oil prices trended higher on the back of intensified Middle East tensions, overshadowing US inflation data and crude build. However, gains were capped by China’s weak CPI data for March.
    • Supply risks stemming from a potential escalation of Middle East tensions remained at the forefront; but:
      • A hotter-than-expected US inflation report added further headwinds as the US consumer prices advanced 0.4% in March, putting the annual inflation rate to 3.5%, up from 3.2% in February.
      • US inventories increased as well by 5.84 million barrels in the week ended April 5.
  • The Asian gasoline complex strengthened, tracking a widening US RBOB-Brent crack, and diminishing regional supplies. Regional gasoline could possibly experience a supply crunch as Saudi Aramco's SASREF refinery was planning to start partial works around mid-April.
  • In the United States, nationwide gasoline inventories climbed 720,000 barrels to 228.53 million barrels in the week to April 5.
  • Fundamentals in the Asian gasoil/diesel market was weak in the absence of fresh spot activity for May-loading cargoes from South Korea.
  • China allocating a new batch of oil product export quotas has only a limited impact on Asia oil product markets, with the country's outflows expected to be steady in 2024.
  • Elsewhere, Japan and S. Korea are exporting diesel and jet fuel to Chile as the drought-related delays in the Panama Canal persisted.

FOREX: The week-on-week average of Philippine peso depreciated versus the US dollar by P0.12 to P56.51 from P56.39 in previous week.

DOMESTIC OIL PRICES

Effective 16 April 2024, the oil companies implemented a per liter increase in gasoline by P0.40, diesel by P0.95 and P0.85 for kerosene.

Year-to-date adjustment of gasoline, diesel and kerosene stand at a per liter net increase of P9.70, P7.00 and P2.25, respectively.

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1 Asia Pacific 12 April 2024 Weekly Recap by S & P Global Platts Analytics

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

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For more information, call the

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

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