Oil Monitor as of 03 January 2018

WORLD OIL PRICES (December 25-29, 2017 trading days)  

Dubai crude increased week-on-week by almost US$2/bbl. MOPS gasoline increased as well by more than a dollar along with diesel by about US$2.40 a barrel.

Reasons for the Adjustment

  • Oil prices have touched two-and-a-half year highs as a result of an explosion on a crude pipeline in Libya, coupled with the voluntary OPEC-led supply cuts.

    • Per a Libyan oil source, the country has lost around 90,000 bpd of crude oil from a blast on a pipeline.
    • Libyan military source said that armed men had planted explosives at the pipeline
  • Oil prices edged up on Thursday after data showed strong demand for crude imports in China and on increased U.S. refining activity that drew more crude from inventories.

    • American Petroleum Institute reported that US crude stockpiles decreased by 6 million barrels for the week ended 22 December.
    • The U.S. Energy Department said crude stocks fell 4.6 million barrels in the latest week. Inventories excluding the nation’s strategic reserve have declined more than 11 percent in the last year.
  • Pipeline outage in the North Sea also supported prices.

    • In the North Sea, the 450,000 bpd capacity Forties pipeline system was shut this month after a crack was found.
  • Both Forties and Libyan pipelines are expected to return to normal operations by early January 2018.

FOREX: Philippine peso appreciated against the US dollar by P0.37 to 49.96, from P50.33 in the preceding week.

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Effective 02 January 2018, the oil companies implemented an increase of P0.20/liter for gasoline, P0.65 for diesel and P0.75 for kerosene.   

These adjustments and prices in the table do not reflect yet the impact of the amended excise tax on petroleum products.

As monitored, shown below are the retail prices in Metro Manila beginning January 2, 2018.

Products Price Range Common Price
Diesel 32.90-37.99 37.15
Gasoline* 43.02-52.99 48.60
LPG, P/11-kg cylinders    
* 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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