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.
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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|
|LPG, P/11-kg cylinder||576.00-755.00|
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