WORLD OIL PRICES (May 28-June 01, 2018 trading days)
Dubai crude has decreased week-on-week by more than US$ 2.30/bbl. MOPS gasoline has also decreased by almost US$ 4.00/bbl. and diesel about US$ 3.00/bbl.
Reasons for the Adjustment
Asian gasoil (diesel) market
Strong refining margins for gasoil encouraged higher run rates, following the end of the peak maintenance season..
Asian gasoline market
Surplus gasoline inventory in Singapore weighed heavy on the Asian market, amid expectation of excess outflows from China in the prompt period. Although rising regional demand was expected to absorb some of the surplus due to the peak driving season in Asia.
Factors affecting crude oil prices
Oil prices have declined due to a growth in US crude oil stockpiles and expectations of a potential increase in output led by Organization of Petroleum Exporting Countries (OPEC). The downturn in oil prices came on the heels of worries that Saudi Arabia and Russia could pump more crude to compensate for a potential supply shortfall, with hedge funds reducing bullish positions in crude.
Oil prices dipped, after sharp gains in the previous session, weighed down by a surprise increase in US crude oil inventories and expectations that OPEC and other producers could decide to increase output at a meeting in June.
The upcoming meeting in Vienna assumes significance as the producers are expected to take a stand on whether to continue with their ongoing supply cuts.
FOREX: Week-on-week value of Peso depreciated against the US dollar by P0.15 to P52.59 from P52.44 in the preceding week.
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DOMESTIC OIL PRICES
Effective 03 June 2018, most of the oil companies have decreased their prices by P1.20/liter for gasoline, P0.90/liter for diesel and kerosene by P1.00/liter.
Year-to-date total adjustments stand at a net increase of P6.15/liter in gasoline and P6.75/liter in diesel.
As monitored, shown below are the retail prices in Metro Manila beginning June 03, 2018.
|Products||Price Range||Common Price|
|LPG, P/11-kg cylinders||570.00-790.00|
|* RON 95|
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