WORLD OIL PRICES (July 2-6, 2018 trading days)
Dubai crude has increased week-on-week by about US$ 0.70 per barrel. MOPS gasoline and diesel increased as well by about US$1.00 and US$0.90 per barrel, respectively .
Reasons for the Adjustment
Asian gasoil (diesel) market
Traders said that sentiment in the Asian gasoil market remained downbeat on persistently weak regional demand amid plentiful supplies. Adding to the bearishness was generally reduced demand from India and Southeast Asia with the monsoon season dampening a ppetite for gasoil.
Asian gasoline market
Asian gasoline market saw stable sentiment at the end of the week, and market sources were heard awaiting for the next wave of spot demand to emerge. The market sources added that some participants were still holding on to June barrels so the market in July was not expected to be as robust as June.
Factors affecting crude oil prices
Despite efforts by Saudi Arabia to boost output, turmoil in Libya, renewed sanctions on Iran and the unexpected loss of Canadian Syncrude have kept the market's attention on supply disruptions.
Libya's National Oil Corp. declared force majeure Monday on crude loading from the Zueitina and Marsa el-Hariga terminals as a result of the ongoing blockade of eastern oil ports. The ports are currently controlled by a rival oil company, the Benghazi-based NOC East, after power was transferred there by the Libyan National Army.
US President Donald Trump ra t cheted up pressure on OPEC to boost production, while a stronger dollar was also bearish for crude futures.
FOREX: Week-on-week value of Philippine Peso appreciated against the US dollar by P0.05 to P53.40, from P53.45 in previous week.
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DOMESTIC OIL PRICES
Effective 10 July 2018, most of the oil companies have implemented an increase of P0.40/liter for gasoline, P0.35/liter for diesel and P0.70/liter for kerosene.
Year-to-date total adjustments stand at a net increase of P5.70/liter for gasoline and P6.60/liter for diesel .
As monitored, shown below are the retail prices in Metro Manila beginning July 10, 2018.
|Products||Price Range||Common Price|
|LPG, P/11-kg cylinders||580.00-800.00|
|* RON 95|
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