Oil Monitor as of 25 May 2018


WORLD OIL PRICES  (May 14-18, 2018 trading days)

Dubai crude has increased week - on - week by about US$ 2 . 00 per barrel. MOPS gasoline and diesel have also increased as well by more than US$ 3 . 70 and almost US$ 3 . 00 per barrel , respectively .

Reasons for the Adjustment

Asian gasoil (diesel) market

  • The Asian gasoil market was relatively steady. Demand was stable while supply was capped by ongoing refinery turnarounds.

  • The number of refineries under maintenance was declining, but gasoil demand in the Middle East was rising as summer approached.

Asian gasoline market

  • The Asian gasoline market fundamentals strengthened considerably on the back of improving incremental demand within the region.

Factors affecting crude oil prices

  • Crude prices moved higher on concerns that U.S. sanctions will disrupt exports from Iran, adding concerns to supply;

    • Iran is third major oil producer of OPEC, having twelve percent share of the 13 - members group’s total output of 32.10 mi llion b /d production in 2017.

  • Venezuela crude production dropped to 1.5 million barrels last month, its lowest level in decades due to the country’s ongoing economic crisis. Venezuela produced an average of around 2.3 mil b/d before the crisis.
    • Unrest was bui lding in Venezuela ahead of presidential elections, which the U.S., European Union, Mexico, Brazil or Colombia have labeled as “illegitimate”.

FOREX:The value of Philippine p eso per US dollar de preciated by P 0. 38 to P 5 2 . 32 from P 5 1.94.

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 22 May 2018, oil companies implemented a n increase of P1 . 60 /liter for gasoline ,P1 . 15 /liter diesel and P1.00 /liter for kerosene.

Year - to - date adjustment s are at net increase of P 6 . 7 0 /liter for gasoline and P 7 . 30 /liter for diesel and P 6 . 85 /liter for k erosene.

As monitored, shown below are the retail prices in Metro Manila beginning May 22, 2018.

Products Price Range Common Price
P/liter
Diesel 41.40-47.78 42.85
Gasoline* 50.85-60.85 58.07
Kerosene 47.26-57.01 51.40
* 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 18 May 2018


WORLD OIL PRICES  (May 7-11, 2018 trading days)

Dubai crude has increased week-on-week by more than US$ 3.00 /bbl. MOPS gasoline and diesel have also increased as well by about US$ 2.90 and more than US$ 3.00 per barrel, respectively.

Reasons for the Adjustment

Asian gasoil (diesel) market

  • Sentiment was mixed with demand remaining firm in the Persian Gulf and India and supply from China expected to rise after the release of a second batch of export quotas.

  • Middle distillate stocks in both Singapore and the ARA region have trended lower in recent weeks, reflecting tighter supply fundamentals.

Asian gasoline market

  • Reportedly, fundamentals were largely stable despite improvement in the overall indicators.
  • The market is still pretty wel l supplied; FOB Singapore 92 RON gasoline crack against front - month July ICE Brent crude futures widened by 67 cents/b day-on-day to $6.81/b.

Factors affecting crude oil prices

  • Oil rose to a three-year high after the U.S. told buyers of Iranian crude that they have six months to curb their purchases or face tough penalties, World Oil reports.

    • US President Trump abandoned a nuclear deal with Iran and announced the “highest level” of sanctions against the OPEC member. Ignoring pleas by allies, Trump on Tuesday pulled out of an International deal with Iran that was agreed in 2015, a move that raises the risk of conflict in the Middle East and casts uncertainty over oil supplies in an already tight market..

  • Crude oil prices settled higher amid on - going exp ectations that new US sanctions on Iran would trim global crude supplies while flaring tensions in the Middle East also supported sentiment.

FOREX: Week-on-week value of Peso depreciated against the US dollar by P0.16 to P51.94 from P51.78 in the preceding week .

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 15 May 2018 , most of the oil companies have increased their prices by P1 . 10/liter for gasoline , P1.20/liter for diesel and kerosene by P0.95 /li ter .

Year - to - date total adjustments stand at a net increase of P 5.10 /liter in gasoline and P6.15 /liter in diesel.

As monitored, shown below are the retail prices in Metro Manila beginning May 15, 2018.

Products Price Range Common Price
P/liter
Diesel 40.25-46.33 41.70
Gasoline* 49.25-59.26 55.12
LPG, P/11-kg cylinders 544.00-754.00  
* 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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