WORLD OIL PRICES (October 02-06 trading days)
Dubai crude decreased week-on-week by about US$0.80/bbl. MOPS gasoline and diesel also decreased by about US$1.90 and US$1.50 per barrel.
Reasons for the Adjustment
- U.S. oil drilling and OPEC output increased. U.S. drillers added six oil rigs bringing total count of 750.
- EIA report confirms analyst expectation of a modest build in the country’s gasoline stocks.
- Positive sentiment for the Asian gasoline market due to small demand in the Middle East that continued to attract supply from
the region. Asian gasoline spot market was marginally tighter but still, overall, on a downward trend.
- US crude went below the $50 level, as the US dollar rose amid concerns of an oversupply. Higher dollar makes oil expensive for
other currency holder, thus, capped the downward impact of oil prices on domestic market.
FOREX: Philippine peso depreciated against the US dollar by P0.19 to P51.16, from P50.87 in preceding week.
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DOMESTIC OIL PRICES
Effective 09 October 2017, oil companies implemented a per liter decrease of P0.50 for gasoline P0.40 for diesel and P0.85 for kerosene.
Year-to-date total adjustments are P3.39 in gasoline and P4.00 in diesel. LPG remained having net increase of P5.68/kg.
As monitored, shown below are the retail prices in Metro Manila beginning October 10, 2017.
|Products||Price Range||Common Price|
|LPG, P/11-kg cylinders||535.00-775.00|
* RON 95
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