WORLD OIL PRICES (January 28-February 01 trading days)
Dubai crude has decreased week-on-week by almost US$0.60 per barrel. MOPS gasoline and diesel have also decreased per barrel by nearly US$1.40 and US$0.40 respectively.
Reasons for the Adjustment
- Oil prices have witnessed a drop on doubts of trade discussions between the world’s two largest economies, the US and China.
- Apart from doubts over trade discussions, data from China fueled further concerns with regard to a weak economy that is expected to affect fuel demand.
- Furthermore, oil prices were weighed down by a survey that showed a reduction in China’s industrial activity by the most in almost three years last month amid slumping orders.
- As China is a primary consumer of fuels such as diesel, such a slowdown is expected to hit fuel demand.
- Meanwhile, due to sanctions imposed by the US on Venezuela’s state oil firm PDVSA, ports in the country are loaded with tankers as refineries in the US cut back operations.
- Despite these disruptions, oil remains in ample supply, because of soaring U.S. commercial crude oil stockpile and production, which jumped by more than 2 million bpd last year to a record 11.9 million bpd and softer U.S. gasoline demand/consumption.
FOREX: Week-on-week value of Philippine Peso appreciated against the US dollar by P0.43 to P52.34, from P52.77 in the previous week.
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DOMESTIC OIL PRICES
Effective 05 February 2019, most of the oil companies implemented a price decrease of P0.60/liter for gasoline, P0.35/liter for diesel and P0.20/liter for kerosene.
Year-to-date adjustments stand at a net increase of P0.60/liter for gasoline, P0.70/liter for kerosene and P1.90/liter for diesel.
As monitored, shown below are the retail prices in Metro Manila beginning February 05, 2019.
|Products||Price Range||Common Price|
|LPG, P/11-kg cylinder||585.68-772.68|
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