Oil Monitor as of 08 August 2018

WORLD OIL PRICES  (July 30-August 03, 2018 trading days)

MOPS gasoline and diesel have decreased by almost US$0.20 and US$0.10 per barrel, respectively. Contrary to Dubai crude which has increased week-on-week by a little of US$0.01 per barrel.

Reasons for the Adjustment

Factors affecting crude oil prices:

  • Tensions between the US and Iran continued to support the oil complex; the renewed sanctions against Iran, which are due to enter full effect in November, have already began to have an impact on oil buying by refiners. 

  • Saudi Arabian Oil Company reduced monthly pricing to most markets, boosting supply to meet customer demand. Saudi Aramco cut pricing for September shipments of all grades to Asia, Northwest Europe and the Mediterranean. (Cutting prices can be seen as an indication that a country wants to supply more crude.)
  • Crude fell as intensifying tariff threats between the US and China raised demand concerns. China plans to levy tariffs on about US$60 billion of US goods, which would go into effect as soon as the US enacts its own measures. Crude oil wasn't included in the list of products potentially affected.

Asian gasoil (diesel) market

  • The Asian gasoil market kicked off the week on a mixed note as traders also keep a close eye on possible ripple effects from reports of the Yemeni Houthi rebel attacks that occurred last week. 

  •  

    Market participants said that fundamentals in the region remained steady.

     

Asian gasoline market

  • The week started on a stable note for the Asian gasoline market. Exports from China were heard slowing down, and a trader said that the market is still a little long; people are competing with each other to sell cargo. 

  •  

    The week ended on a soft note for the Asian gasoline market; supplies of gasoline remained ample in the region. 

     

FOREX:  Week-on-week value of Philippine Peso appreciated against the US dollar by P0.27 to P53.14, from P53.41 in previous week. 

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DOMESTIC OIL PRICES      

Effective 07 August 2018, most of the oil companies have implemented a price decrease of P0.10/liter both for gasoline and diesel, kerosene has also decreased by P0.25/liter.

Year-to-date total adjustments stand at a net increase of P6.35/liter for gasoline and P6.30/liter for diesel.

As monitored, shown below are the retail prices in Metro Manila beginning August 07, 2018.

Products Price Range Common Price
P/liter
Gasoline (Ron91) 48.50 - 58.62 54.25
Gasoline (Ron95) 49.00 - 60.23 56.25
Gasoline (Ron97) 51.60-62.30 58.25
Diesel 41.35-45.99 44.55
Diesel PLUS 43.85-53.87 47.45
Kerosene 46.47-56.21 50.60
LPG, P/11-kg cylinders 599.00-819.00  
* 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