WORLD OIL PRICES (October 30-November 3, 2017 trading days)
Dubai crude increased week-on-week by about US$2.70 per barrel. Similarly, both MOPS gasoline and diesel increased by nearly US$2.80 and US$1.70 per barrel, respectively.
Reasons for the Adjustment
Claim of OPEC that supply and demand balances were tightening and oil inventories falling, while compliance with the OPEC-led pact to curb supplies had been "excellent".
Firmer gasoline market in Asia amid higher spot demand and limited regional stocks; Indonesia's state-owned Pertamina is boosting imports to offset low stocks due to scheduled refinery maintenance.
OPEC and major oil producers eyeing to extend global pact to cut oil output.
- Rising oil demand in China.
FOREX: Philippine peso depreciated against the US dollar by P0.24 to P51.66, from P51.41 in preceding week.
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DOMESTIC OIL PRICES
Effective 07 October 2017, the oil companies effected an increase P0.90/liter for gasoline, P0.75 for diesel and P0.55/liter in kerosene.
Year-to-date total adjustment is at net increase of P5.39 in gasoline and P5.35 in diesel.
As monitored, shown below are the retail prices in Metro Manila beginning November 08, 2017.
|Products||Price Range||Common Price|
|LPG, P/11-kg cylinders||538.00-778.00|
* RON 95
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