Oil Monitor as of 12 February 2019


WORLD OIL PRICES  (February 4-7 trading days)

Dubai crude  has   increased week-on-week by more than   US$2.00 per barrel.  MOPS   gasoline and diesel have also  increased by nearly  US$3.00 per barrel and almost US$1.80 per barrel respectively. 

Reasons for the Adjustment

  • Crude oil prices gained the weeks two trading days after the United States imposed sanctions on state-owned Venezuelan oil company PDVSA, a move likely to reduce the OPEC member’s crude exports.  
    • The US has effectively banned both Venezuelan crude exports to the US and US diluent exports to Venezuela through sanctions announced against state-owned oil company PDVSA on January 28.
    • Venezuela's production has fallen from around 2.4 million b/d in 2015 to 1.4 million b/d in 2018, according to the US-EIA, and US imports of Venezuelan crude have dropped from nearly 1.5 million b/d in May 2003 to just over 500,000 b/d in January 2019, EIA data show. 
    • US Gulf Coast refiners that have relied on Venezuelan imports are finding other sources of heavy crude, including Canada.
  • Voluntary supply cuts led by OPEC that aimed at tighten the market and propping up prices is however countered by the rising U.S. crude output and inventories.

FOREX:  Week-on-week  value of Philippine Peso appreciated against the  US dollar  by P0.02  to P52.32, from P52.34 in the previous week.   

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 12 February 2019, most of the oil companies implemented a price increase of P0.90/liter for gasoline,  P0.55/liter for diesel  and P0.85/liter for kerosene .

Year-to-date adjustments stand at a net increase of P1.50/liter for gasoline, P2.30/liter for diesel and P1.70/liter for kerosene.

As monitored, shown below are the retail prices in Metro Manila beginning February 12, 2019.

Products Price Range Common Price
P/liter
Gasoline (Ron91)  43.00-52.06 48.54
Gasoline (Ron95)  46.74-55.46 50.84
Gasoline (Ron97)  44.00-57.29 52.54
Diesel 39.74-44.84 41.29
Diesel PLUS 41.00-47.37 43.29
Kerosene 43.82-52.23 47.27
LPG, P/11-kg cylinder 576.00-755.00  

 

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 06 February 2019


 

WORLD OIL PRICES  (January 28-February 01 trading days)

Dubai crude has decreased week-on-week by almost US$0.60 per barrel. MOPS gasoline and diesel have also decreased per barrel by nearly US$1.40 and US$0.40 respectively.

Reasons for the Adjustment

  • Oil prices have witnessed a drop on doubts of trade discussions between the world’s two largest economies, the US and China.
    • Apart from doubts over trade discussions, data from China fueled further concerns with regard to a weak economy that is expected to affect fuel demand.
  • Furthermore, oil prices were weighed down by a survey that showed a reduction in China’s industrial activity by the most in almost three years last month amid slumping orders.
    • As China is a primary consumer of fuels such as diesel, such a slowdown is expected to hit fuel demand.
  • Meanwhile, due to sanctions imposed by the US on Venezuela’s state oil firm PDVSA, ports in the country are loaded with tankers as refineries in the US cut back operations.
    • Despite these disruptions, oil remains in ample supply, because of soaring U.S. commercial crude oil stockpile and production, which jumped by more than 2 million bpd last year to a record 11.9 million bpd and softer U.S. gasoline demand/consumption.

FOREX:  Week-on-week value of Philippine Peso appreciated against the US dollar by P0.43 to P52.34, from P52.77 in the previous week.

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 05 February 2019, most of the oil companies implemented a price decrease of P0.60/liter for gasoline, P0.35/liter for diesel and P0.20/liter for kerosene.

Year-to-date adjustments stand at a net increase of P0.60/liter for gasoline, P0.70/liter for kerosene and P1.90/liter for diesel.

As monitored, shown below are the retail prices in Metro Manila beginning February 05, 2019.

Products Price Range Common Price
P/liter
Gasoline (Ron91)  42.10-51.16 47.64
Gasoline (Ron95)  43.60-54.56 49.64
Gasoline (Ron97)  43.10-56.39 51.45
Diesel 37.10-49.50 40.74
Diesel PLUS 41.37-46.82 42.74
Kerosene 42.97-51.30 45.30
LPG, P/11-kg cylinder 585.68-772.68  

 

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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