Oil Monitor as of 15 August 2018


WORLD OIL PRICES  (August 06-10, 2018 trading days)

MOPS gasoline and diesel have increased by around  US$0.35 and US$0.70 per barrel, respectively.  This is differing to Dubai crude  which has decreased week-on-week by almost  US$0.35 per barrel. 

Reasons for the Adjustment

Factors affecting crude oil prices:

  • Oil prices slumped after Chinese import data showed a slowdown in demand and weighed on world equity markets, which traded near break-even as U.S. technology shares extended recent gains.

    • China announced retaliatory trade tariffs in response to the United States' decision to impose 25 percent tariffs on another $16 billion of Chinese goods starting on Aug. 23.

    • As the U.S.-China trade spat turns into a full-blown war with tariffs and retaliatory tariffs and threats of further tariffs, U.S. energy exports to China may suffer with Beijing now following through with its threat to slap tariffs on U.S. oil and oil product imports. 

  • On Friday, U.S. Dollar Index reached its highest levels within the last 52 weeks. That was another negative factor that pressured the oil prices during the recent week. U.S. Dollar Index is a measure of the value of the dollar relative to a basket of foreign currencies. Oil is mostly traded in U.S. dollars all over the world and a stronger dollar pressures the oil demand.

Asian gasoil (diesel) market

  • Trade activity was thin in Asia's gasoil market Friday. Recent volatility in crude oil prices kept buyers on the sidelines, awaiting clearer pricing direction. 

Asian gasoline market

  • The Asian gasoline market saw an improvement in market sentiment due to tenders in the market by Pertamina, the Indonesian state owned oil and natural gas corporation.

FOREX:  Week-on-week  value of Philippine Peso appreciated against the  US dollar  by P0.09 to P53.05, from P53.14 in previous week. 

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 14 August 2018, most of the oil companies implemented a price increase of P0.15/liter for gasoline and P0.25/liter for diesel. There was no movement on the price of kerosene.

Year-to-date total adjustments stand at a net increase of P6.50/liter for gasoline and P6.55/liter for diesel. 

As monitored, shown below are the retail prices in Metro Manila beginning August 14, 2018.

Products Price Range Common Price
P/liter
Gasoline (Ron91) 48.65 - 58.77 54.40
Gasoline (Ron95) 49.15 - 60.38 56.40
Gasoline (Ron97) 51.75 - 62.60 58.40
Diesel 41.50 - 46.24 44.80
Diesel PLUS 44.10 - 50.75 46.80
Kerosene 47.12 - 56.65 51.91
LPG, P/11-kg cylinders 570.00-820.00  
* RON 95

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 08 August 2018


WORLD OIL PRICES  (July 30-August 03, 2018 trading days)

MOPS gasoline and diesel have decreased by almost US$0.20 and US$0.10 per barrel, respectively. Contrary to Dubai crude which has increased week-on-week by a little of US$0.01 per barrel.

Reasons for the Adjustment

Factors affecting crude oil prices:

  • Tensions between the US and Iran continued to support the oil complex; the renewed sanctions against Iran, which are due to enter full effect in November, have already began to have an impact on oil buying by refiners. 

  • Saudi Arabian Oil Company reduced monthly pricing to most markets, boosting supply to meet customer demand. Saudi Aramco cut pricing for September shipments of all grades to Asia, Northwest Europe and the Mediterranean. (Cutting prices can be seen as an indication that a country wants to supply more crude.)
  • Crude fell as intensifying tariff threats between the US and China raised demand concerns. China plans to levy tariffs on about US$60 billion of US goods, which would go into effect as soon as the US enacts its own measures. Crude oil wasn't included in the list of products potentially affected.

Asian gasoil (diesel) market

  • The Asian gasoil market kicked off the week on a mixed note as traders also keep a close eye on possible ripple effects from reports of the Yemeni Houthi rebel attacks that occurred last week. 

  •  

    Market participants said that fundamentals in the region remained steady.

     

Asian gasoline market

  • The week started on a stable note for the Asian gasoline market. Exports from China were heard slowing down, and a trader said that the market is still a little long; people are competing with each other to sell cargo. 

  •  

    The week ended on a soft note for the Asian gasoline market; supplies of gasoline remained ample in the region. 

     

FOREX:  Week-on-week value of Philippine Peso appreciated against the US dollar by P0.27 to P53.14, from P53.41 in previous week. 

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 07 August 2018, most of the oil companies have implemented a price decrease of P0.10/liter both for gasoline and diesel, kerosene has also decreased by P0.25/liter.

Year-to-date total adjustments stand at a net increase of P6.35/liter for gasoline and P6.30/liter for diesel.

As monitored, shown below are the retail prices in Metro Manila beginning August 07, 2018.

Products Price Range Common Price
P/liter
Gasoline (Ron91) 48.50 - 58.62 54.25
Gasoline (Ron95) 49.00 - 60.23 56.25
Gasoline (Ron97) 51.60-62.30 58.25
Diesel 41.35-45.99 44.55
Diesel PLUS 43.85-53.87 47.45
Kerosene 46.47-56.21 50.60
LPG, P/11-kg cylinders 599.00-819.00  
* RON 95

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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