VEPCO Group Distribution Corporation

FUEL WATCH UPDATE | August 20, 2024

Unfortunately, after last week’s brief relief with rollbacks, we're facing another round of fuel price hikes this week.

For the period of August 20 to 26, 2024:

Gasoline prices will increase by ₱1.00 per liter.
Diesel prices will rise by ₱1.20 per liter.
Kerosene will see a ₱1.00 per liter increase.
It’s disappointing news for all of us, but we’ll continue to keep you updated.

VEPCOGROUP-UPDATES

FUEL WATCH UPDATE | August 16, 2024

Hi, beloved clientele. Day 4 of trading is not looking good—early estimates show we are facing an increase next week.

Day 4 of Trading Estimated Price Adjustment for Next Week:

Gasoline: ₱0.65 - ₱0.90 per liter increase
Diesel: ₱0.95 - ₱1.10 per liter increase
Kerosene: ₱0.95 - ₱1.10 per liter increase
Disclaimer: Prices may vary by region and location.

VEPCOGROUP-UPDATES

🚨 Exciting News! 🚨
Great news for all our valued customers! We’re thrilled to announce a significant price rollback on both Diesel and Gasoline effective today August 13, 2024
🟢 Diesel: Reduced by ₱1.90 🟢 Gasoline: Reduced by ₱2.45per liter!
Stay fueled and save more with VEPCO Group Distribution Corp. 🚗💨

Big-time fuel price rollback seen next week
Motorists should expect another round of rollback in the pump prices of petroleum products next week, which could mark the third straight week of cuts for gasoline and fifth for diesel and kerosene.

WORLD OIL PRICES (July 29-August 2, 2024, trading days)
The week-on-week price of Dubai crude has decreased by about $1.80 per barrel. The international price of gasoline, diesel and kerosene have also decreased week-on-week by about $1.00, $1.20 and $1.10 per barrel, respectively.

DOMESTIC OIL PRICES
Effective 06 July 2024, the oil companies implemented a decrease of P0.10/liter in gasoline, P0.20/liter in diesel and P0.45/liter in kerosene.
Year-to-date, total adjustment of gasoline and diesel stands at a net increase of P9.50/liter and P6.65/liter, respectively. On the other hand, kerosene has a total net decrease of P0.75/liter.

---SINGAPORE, June 10 (Reuters) - Oil prices nudged lower for a second straight session on Monday, weighed down by a firmer dollar as expectations of interest rate cuts were pushed out further following strong U.S. jobs data on Friday.
Brent crude futures and U.S. West Texas Intermediate crude futures slipped 4 cents to $79.58 and $75.49 a barrel, respectively, by 0036 GMT.
On Friday, data showed the U.S. added more jobs than expected last month, leading investors to trim expectations for rate cuts and causing the dollar to rally.

--Oil firms are expected to implement mixed adjustments to pump prices tomorrow June 3. LAUNCESTON, Australia, June 3 (Reuters) - The OPEC+ decision to extend crude oil production cuts is an acknowledgment that demand growth is still uncertain, but also that the group remains hopeful its bullish scenario is correct.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, agreed at a meeting on Sunday to extend the total of 5.86 million barrels per day (bpd) of output reductions.
Within that broader figure the exporter group decided to extend 3.66 million bpd of cuts that were due to expire at the end of June 2024 until the end of next year.

---BEIJING, May 27 (Reuters) - Oil prices were in a holding pattern in early Asian trading on Monday as markets awaited an OPEC+ meeting on June 2 where producers are expected to discuss maintaining voluntary output cuts for the rest of the year.
The Brent crude July contract inched up 11 cents to $82.23 a barrel by 0036 GMT. The more-active August contract LCOc2 rose 13 cents to $81.97.
U.S. West Texas Intermediate (WTI) crude futures rose 13 cents to $77.85

---LAUNCESTON, Australia, May 20 (Reuters). The pace at which crude oil flowed into China's stockpiles increased in April as slower refinery processing outweighed a decline in imports.
A total of 830,000 barrels per day (bpd) was added to China's commercial or strategic stockpiles in April, up from 790,000 bpd in March, according to calculations based on official data.
Over the first four months of the year, China, the world's biggest crude importer, added 700,000 bpd to storages, a significant volume that goes some way to undermining the market view that oil consumption is robust amid a recovering economy.

Brent fell toward $82 a barrel after losing 1.3% on Friday, while West Texas Intermediate was below $78. Poor Chinese credit and inflation data showed the government is struggling to boost demand in the world’s biggest oil importer. That weighed on risk assets including shares and some commodities.

On the supply front, meanwhile, Iraqi Oil Minister Hayyan Abdul Ghani initially said at the weekend that Baghdad had cut production enough and wouldn’t agree to more. But later, he said that any decision was a matter for OPEC, and it would stick to whatever the group decided. OPEC+ meets June 1.

Crude has been on a downward arc since mid-April, with prices giving up most of the risk premium triggered by tensions in the Middle East, and they’ve also been pressured by a mixed demand outlook. Timespreads — one of the market’s most closely tracked metrics — suggest conditions are becoming less tight.

SINGAPORE, May 6 (Reuters) - Oil futures edged up on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil producing region.
Brent crude futures climbed 28 cents, or 0.3%, to $83.24 a barrel at 0119 GMT, while U.S. West Texas Intermediate crude futures were at $78.40 a barrel, up 29 cents, or 0.4%.

-- Oil prices fell in early Asian trading on Monday, erasing gains from Friday as Israel-Hamas peace talks in Cairo eased fears of a wider conflict in the Middle East and U.S. inflation data further dimmed the prospects of interest rate cuts anytime soon.
Brent crude futures fell by as much as $1, or 1.1% to $88.50 a barrel before ticking back up to $88.55 at 0149 GMT. West Texas Intermediate (WTI) futures were down 84 cents, or 1%, at $83.01 a barrel. Stepped-up efforts to mediate a ceasefire between Israel and Hamas moderated geopolitical tensions and contributed to the weak opening on Monday, IG market analyst Tony Sycamore said. A Hamas delegation will visit Cairo on Monday for peace talks, a Hamas official told Reuters.

Good morning Monday! Mixed movement for the week! BEIJING, April 22 (Reuters) - Oil prices fell at Asia's open on Monday, dragged down by a renewed focus on market fundamentals, as Israel and Iran played down the risks of an escalation of hostilities in the Middle East after Israel's apparently small strike on Iran.
Brent futures fell 54 cents, or 0.6%, to $86.75 a barrel by 1218 GMT.
The front month U.S. West Texas Intermediate (WTI) crude contract for May , which expires on Monday, fell 12 cents to $83.02 a barrel. The more active June contract dropped 47 cents, or 0.6%, to $81.75 a barrel.

---SINGAPORE, April 15 (Reuters) - Oil prices fell during trade on Monday, as market participants dialled back risk premiums following Iran's attack on Israel late on Saturday which the Israeli government said caused limited damage.
Brent futures for June delivery fell 20 cents, or 0.2%, to $90.25 a barrel while West Texas Intermediate (WTI) futures for May delivery were down 33 cents, or 0.4%, at $85.33 a barrel by 0225 GMT.
The attack involving more than 300 missiles and drones was the first on Israel from another country in more than three decades, raising concerns about a broader regional conflict affecting oil traffic through the Middle East.

---- SINGAPORE, April 8 (Reuters) - Oil prices fell more than $1 a barrel on Monday, with Brent sliding under $90, as Middle East tensions eased after Israel withdrew more soldiers from southern Gaza and committed to fresh talks on a potential ceasefire in the six-month conflict.
Brent crude futures slipped $1.70, or 1.9%, to $89.47 a barrel by 0053 GMT.
U.S. West Texas Intermediate crude was at $85.29 a barrel, down $1.62, or 1.9%.

HEADS UP!!! Crude oil prices held on to their gains from last week, moving higher still in mid-morning trade in Asia today amid continued concern about supply.
Last week, an IEA report fueled a 4% gain for benchmarks, with Brent crude topping $85 per barrel and West Texas Intermediate advancing above $81. The IEA said in its report that the oil market this year will swing into a deficit—a radical revision of its stance from last month when it said the market would be oversupplied.
The IEA revised its oil demand forecast higher, meanwhile, expecting growth to come in at over 1.3 million bpd this year, up from 1.2 million bpd in last month’s report.

Good morning, motorists!! Expect mixed movements in pump prices tomorrow Tuesday⛽

Mixed movement for the week!

--Anonymous sources within OPEC revealed on Sunday that certain OPEC members and allies, spearheaded by Russia, have reached an agreement to prolong voluntary oil output reductions from the first quarter into the second quarter of 2024.
These cuts, initially totaling approximately 2.2 million barrels per day (bpd), were endorsed by OPEC+ in November, with Saudi Arabia leading by example by extending its own voluntary reduction. OPEC+ has been implementing successive output reductions since late 2022 to stabilize the market amidst heightened production from non-member producers like the United States, coupled with concerns regarding demand due to elevated interest rates in major economies. OPEC watcher Amena Bakr confirmed the news on Sunday in a short tweet.

📣📣We are seeing a mixed movement! Stay tuned for more information and updates by following us.

Happy Monday! A fuel price rollback is scheduled tomorrow February 27, 2024. Continuous fluctuations in the price of petroleum products every week but at least tomorrow brings happy news to motorist. Follow for more updates!

After last week’s price rollback, another oil price hike is expected tomorrow Tuesday, February 20, 2024. 😔⛽️
Follow us for more updates!

⛽️Disruptions to shipping in the Red Sea and via the Suez Canal are raising the prices of African and U.S. crude grades.
Stay connected, more updates will follow.

Heads Up!!! All products most likely to increase. Check back for more updates.

📢📢📢📢 ---There has been no sustained accumulation of inventories in any of the regions despite depressed industrial activity over the last year.

Distillate supplies have been disrupted by Ukraine's drone attacks on petroleum refineries in Russia and by Houthi attacks on shipping in the Red Sea and the Gulf of Aden which have disrupted east-west flows.

Re-routing east-west tankers from the Red Sea and the Suez Canal to the much longer route around Africa has tied up millions of barrels of diesel and gasoil as extra inventories on the water.

Happy Monday Everyone!

We are back!!!
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Saudi Arabia’s state oil company said it was working to boost its production capacity to 13 million barrels daily back in 2021. The capacity expansion was scheduled to come fully online by 2027 and come on in chunks, chief executive Amin Nasser said at the time.

Yet concern about the possibility of extended weak demand for oil may have driven the decision to reverse the capacity boost plan, The National wrote, citing analysts. The report also mentioned factors regularly cited as responsible for lower oil demand projections, such as EV sales and a generalized reference to renewable energy.

Goldman Sachs now sees oil prices increasing next year less than previously forecasted, largely thanks to a US production boom.

"The recent US supply beats strengthen the key trend of 2023, namely much stronger than expected production outside of OPEC," according to Goldman Sachs.
Over the next year, the strategists anticipate moderate price volatility, as spare capacity limits the impact of tightening shocks and upside to prices.

Downside price moves, too, will remain limited because OPEC+'s incentives to prevent over-supply will remain in place, and easing financial conditions should provide a floor to oil demand.

Have a Great day Everyone! ☺️

Hello everyone 👋
Happy Weekend !

Check this price trend for next week

There will be a possible rollback on all products or no movement next week.
But MOPS continue to rise up.

Check this trend on oilprice.com.

✅Oil prices continued to climb on Thursday, with WTI up above $70 and Brent rising to $75.60.
Oil prices rose early on Thursday in Asian trade, extending the gains from Wednesday, after the Fed signaled there could be three rate cuts coming next year that could boost economic growth and oil demand.