Oil Monitor as of 11 April 2024

Date published: April 12, 2024

WORLD OIL PRICES (April 1-5, 2024, trading days)

The week-on-week price of Dubai crude has increased by almost $4.00 per barrel. The international price of gasoline, diesel and kerosene have also increased by about $2.40, $3.60, and $3.40 per barrel, respectively.

Reasons for the Price Adjustment1

  • Crude oil prices trended higher as Middle East tensions flare despite US inventory build and on positive economic readings from China.
    • Israel heightened its air defense command in an attempt to combat a possible missile or drone attack from Iran, bringing about worries over potential supply disruption.
  • OPEC+ also reaffirmed the current supply cuts policy that could boost prices. OPEC+ concluded its Joint Ministerial Monitoring Committee meeting on April 3, extending its supply cuts policy of 2.2 million b/d until the end of June.
  • The Asian gasoline complex softened tracking the narrowing US RBOB-Brent crack spread, despite falling US stocks, ahead of the summer driving season.
    • US gasoline inventories fell 4.256 million barrels to a three-month low of 227.816 million barrels in the week ended March 29.
  • Moreover, Chinese supply is expected to reduce on planned maintenance season coming up in April thereby supportive of the prices along with approaching summer driving season.
  • The Asian gasoil/diesel market remained bearish, underpinned by sustained weakness in demand and ample supply. However, prices saw some support as Russian supply was disrupted.
    • Export shipments of Russian diesel, and other refined products and feedstocks shrank 9% in March, the lowest since November 2023, according to data from S&P Global Commodities at Sea, amid relentless drone attacks on oil refineries in Russia.

FOREX: The week-on-week average of Philippine peso depreciated versus the US dollar by P0.10 to P56.39 from P56.29 in previous week.

DOMESTIC OIL PRICES

Effective 09 April 2024, the oil companies implemented a per liter increase in gasoline by P1.10, diesel by P1.55 and P1.40 for kerosene.

Year-to-date adjustment of gasoline, diesel and kerosene stand at a per liter net increase of P9.30, P6.05 and P1.40, respectively.

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1 Asia Pacific 05 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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