Oil Monitor as of 16 October 2018


 

WORLD OIL PRICES  (October 8-12, 2018 trading days)

Dubai crude has decreased week-on-week by almost US$1.50 per barrel. MOPS gasoline and diesel have also decreased per barrel by around US$2.10 and US$ 1.50 respectively.

Reasons for the Adjustment

Factors affecting crude oil prices:

  • According to the EIA report released on Thursday, U.S. commercial crude oil stockpiles increased by 5.98 million barrels in the week ending Oct. 5 and total petroleum stockpiles in the country jumped 11.3 million barrels week on week, meaning there's a plentiful supply.

  • Analysts pointed out that the weekly petroleum data released by the U.S. Energy Information Administration (EIA) is one of factors to pressure crude oil prices.

Asian gasoil (diesel) market

  • Sentiment for the Asian gasoil market remained strong at the end of the week, with traders saying that fundamentals were holding steady. "Gasoil demand seems very good," a trader said Friday, adding that recent news of the extra gasoil quota allocations from China would probably do little to dampen the strong momentum in the market.

Asian gasoline market

  • Sentiment in the Asian gasoline market stayed resilient and still in bullish mode on another fresh tender from Indonesia and China’s trading activities.

  • Gasoline inventories are expected to draw by almost 0.5 MMB, while distillates should be almost flat and jet should build slightly.

FOREX:  Week-on-week value of Philippine Peso appreciated against the US dollar by P0.5 to P54.19, from P54.24 in previous week.

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 15 October, most of the oil companies implemented a per liter price decrease of P0.85 for gasoline,P0.65 for diesel and P0.20 for kerosene.

Year-to-date total adjustments stand at a net increase of P10.55/liter for gasoline,P11.50/liter for diesel and P10.50/liter for kerosene.

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

Products Price Range Common Price
P/liter
Gasoline (Ron91)  52.70-61.97 58.47
Gasoline (Ron95)  53.20-63.42 60.02 
Gasoline (Ron97)  55.40-66.50 60.50
Diesel 46.40-51.19 49.15 
Diesel PLUS 48.40-55.70 51.30
Kerosene 50.97-61.10 56.36
LPG, P/11-kg cylinders 650.00-865.00  

These prices are based on actual price monitoring by DOE's Retail Division.

 

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 11 October 2018


WORLD OIL PRICES  (October 1-5, 2018 trading days)

Dubai crude  has  increased week-on-week by almost US$3.50 per barrel.  MOPS gasoline and diesel have also increased per barrel by around  US$2.15  and US$ 3.80 respectively.

Reasons for the Adjustment

Factors affecting crude oil prices:

  • US Secretary of State Michael Pompeo spoke with Saudi Crown Prince Mohammed bin Salman Wednesday as oil prices reached four-year highs and the Trump administration continues to pressure Saudi Arabia to boost output.

  • Saudi Arabia and Russia are boosting output to record levels as the market frets a shortage when US sanctions on Iran go into force next month -- but insist their pumping policies are dictated by customer demand, not geopolitics.

  • Russian President Vladimir Putin Wednesday criticized the US sanctions against Iran and other producing countries as they are destabilizing the markets and pushing oil prices up, at a time when OPEC-led group had achieved the goal to balance the markets.

Asian gasoil (diesel) market

  • Crude oil futures have been gaining ground as the market braces for tighter global supply as a result of US sanctions on Iran, which will come into effect on November 4.

  • Continued support for gasoil is reflective of robust demand set against expectations of tighter supply owing to extensive refinery turnarounds in the region over October and November.

Asian gasoline market

  • Driven by strong crude oil prices, the benchmark FOB Singapore 92 RON gasoline price continued to rise at the Asian close Tuesday.

  • At the Asian close Wednesday, S&P Global Platts data showed the benchmark FOB Singapore 92 RON gasoline price slipped from Tuesday's near four-year high by 31 cents/b to $92.19/b, but remained firmly above $92/b.

FOREX:  Week-on-week  value of Philippine Peso depreciated against the  US dollar  by P0.01 to P54.24, from P54.23 in previous week.

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 09 October, most of the oil companies implemented a  per liter price increase of P1.00 for gasoline,P1.35 for kerosene and P1.45 for diesel.

Year-to-date total adjustments stand at a net increase of P11.40/liter for gasoline,P12.15/liter for diesel and P10.70 for kerosene.

As monitored, shown below are the retail prices in Metro Manila beginning October 09, 2018.

Products Price Range Common Price
P/liter
Gasoline (Ron91)  53.55-62.87 59.32
Gasoline (Ron95)  54.05-64.27 60.87
Gasoline (Ron97)  56.25-67.35 61.35
Diesel 47.05-51.84 49.80
Diesel PLUS 49.05-56.35 51.95
Kerosene 51.17-61.30 56.56
LPG, P/11-kg cylinders 650.00-865.00  

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

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