WORLD OIL PRICES (December 3-7, 2018 trading days)
Dubai crude has increased week-on-week by almost US$1.00 per barrel. MOPS gasoline has also increased by around US$0.90 per barrel while diesel has decreased by nearly US$ 0.60 barrel.
Reasons for the Adjustment (Rollbacks)
Oil prices rebounded after OPEC and its allies including Russia have agreed to cut production next year to shore up falling price.
OPEC and its allies inked a deal to reduced output by 1.2 million barrels per day during the first six months of 2019 after their second-day meeting in Vienna, Austria and U.S. President Trump’s repeated calls for lower oil prices which has roughly met market expectations.
Members of OPEC will reduce output by 800,000 barrels per day while Russia and other nations signed up to a 400,000 reduction.
The cuts are scheduled to begin on January 1 and will last for six months.
FOREX: Week-on-week value of Philippine Peso depreciated against the US dollar by P0.13 to P52.61, from P52.48 in the previous week.
Other recommended reference sites:
DOMESTIC OIL PRICES
Effective 11 December 2018, most of the oil companies implemented a P0.40/liter increase for gasoline while a decrease have been applied for diesel and kerosene by P0.10/liter and P0.45/liter respectively.
The total year-to-date adjustments for gasoline this week reached a net decrease of P0.05/liter. For diesel, the net increase was further lowered to P1.50/liter same with kerosene with P1.08/liter.
As monitored, shown below are the retail prices in Metro Manila beginning December 11, 2018.
|Products||Price Range||Common Price|
|LPG, P/11-kg cylinders||531.00-696.00|
For more information, call the