WORLD OIL PRICES (September 3-7, 2018 trading days)
Dubai crude has increased week-on-week by almost US$0.80 per barrel. MOPS gasoline and diesel have also increased week-on-week by around US$1.50 and US$1.45 per barrel respectively.
Reasons for the Adjustment
Factors affecting crude oil prices:
Oil prices rose as the number of U.S. rigs drilling for new production was cut last week and as the market is expected to tighten once U.S. sanctions against Iran’s crude exports kick in from November.
- On the supply side, sanctions on Iranian crude exports, and deeper production losses in Venezuela, are expected to push prices upwards but increased output from Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members should help cap the gains.
Asian gasoil (diesel) market
Sentiment in the Asian gasoil market remained bullish, with traders still seeing upside that would aid in providing support to fundamentals
Asian gasoline market
The Asian gasoline market saw a boost in activity on the back of fresh tenders from Indonesia and Kuwait. This, coupled with tight regional supplies, kept the overall sentiment buoyant. Currently the market is pretty tight, starting from the Persian Gulf there are refinery issues so they are pulling a lot barrels from the East, and China exports are at a low.
FOREX: Week-on-week value of Philippine Peso depreciated against the US dollar by P0.20 to P53.62, from P53.42 in previous week.
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DOMESTIC OIL PRICES
Effective 11 September 2018, most of the oil companies implemented a price increase of P0.65/liter for gasoline, kerosene and diesel.
Year-to-date total adjustments stand at a net increase of P8.50/liter for gasoline and P9.00/liter for diesel.
As monitored, shown below are the retail prices in Metro Manila beginning September 11, 2018.
|Products||Price Range||Common Price|
|LPG, P/11-kg cylinders||620.00-840.00|
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