Oil Monitor as of 25 February 2020


WORLD OIL PRICES  (February 17-21, 2020 trading days)

Dubai crude has increased week-on-week by almost US$2.10 per barrel.   MOPS gasoline and MOPS diesel have also increased, gasoline by around US$0.90 per barrel and diesel by nearly   US$0.60 per barrel. 

Reasons for the Adjustment

FOREX:  Week-on-week value of Philippine Peso depreciated against the US dollar by P0.02 to P50.63 from P50.61 in the previous week.  

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective February 25, 2020, most of the oil companies implemented a price increase on petroleum products. The price of gasoline has increased by P0.30/liter, diesel by  P0.20/liter  and  P0.35/liter for kerosene. 

Year-to-date adjustments stand at a net decrease of P2.50/liter for gasoline, P4.40/liter for diesel and P5.59/liter for kerosene.

For the updated prevailing retail pump price, please browse this link: https://www.doe.gov.ph/price-monitoring-charts?q=retail-pump-prices-metro-manila

For more information, call the

Department of Energy
Pricing: 840-2187
LPG: 840-2130
Fuels: 840-5669
SMS: (0915) 4469421
Email: oilmonitor@doe.gov.ph
Website: https://www.doe.gov.ph

Oil Monitor as of 18 February 2020


WORLD OIL PRICES  (February 10-14, 2020 trading days)

Dubai crude has decreased week-on-week by almost US$0.40 per barrel.  On the contrary, both MOPS gasoline and MOPS diesel have increased, gasoline by around US$1.15 per barrel and diesel by a little of  US$0.01 per barrel. 

Reasons for the Adjustment

  • Oil prices sharply lower on coronavirus impact concerns, but talks of OPEC+ cuts provided some support.

    • The  next few weeks  will  be  crucial  to  observe  if the coronavirus  is  contained  as  workers’ return  to  work  could  spark  another  wave  of outbreak.

  • China’s imports of U.S. crudes likely to stay modest in the near term before picking up strongly in 2H20.

    • Platts Analytics expects U.S. crude exports to increase by 650 MB/D year-on-year in 2020, with the bulk going to Asia.

    • China’s imports of U.S. crudes to stay modest in the near term due to the coronavirus before picking up strongly in 2H20 after the outbreak.

  • Global oil demand to take a hit as China’s growth gets slashed by the coronavirus outbreak.

    • Global oil demand in 2020 is expected to grow by 1 MMB/D under the best-case scenario and 320 MB/D under the worst-case scenario.  

    • Asian oil demand is expected to grow by 560 MB/D in 2020 under the best-case scenario but with no growth under the worst-case scenario.

  • The Asian gasoline market showed signs of easing at the end of the trading week, as the bout of optimism began to fade following further supply cuts in China.

  • Asian gasoil market ended the week on a softer note, with some traders saying that prompt cargoes were being seen in the spot market and which was placing downward pressure on the middle distillate.

  • The coronavirus outbreak in China has hit gasoil demand, with refineries having to cut back production in an effort to offset stock pressure.

  • Weaker demand has also been seen in other Asian regions.

  • The volatility over the last week has been a reflection of that, market sources said, with some saying that the market was searching for direction in the aftermath of the coronavirus outbreak which has impacted China's domestic consumption.

FOREX:  Week-on-week value of Philippine Peso appreciated against the US dollar by P0.21 to P50.61 from P50.82 in the previous week.  

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective February 18-19,2020, most of the oil companies implemented a price increase/decrease on petroleum products. The price of gasoline has increased by P0.35/liter while a P0.10/liter decreased, have been effected on the price of   diesel and  kerosene.

Year-to-date adjustments stand at a net decrease of P2.80/liter for gasoline, P4.60/liter for diesel and P5.94/liter for kerosene.

For the updated prevailing retail pump price, please browse this link: https://www.doe.gov.ph/price-monitoring-charts?q=retail-pump-prices-metro-manila

For more information, call the

Department of Energy
Pricing: 840-2187
LPG: 840-2130
Fuels: 840-5669
SMS: (0915) 4469421
Email: oilmonitor@doe.gov.ph
Website: https://www.doe.gov.ph

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