Oil Monitor as of 05 September 2018


WORLD OIL PRICES  (August 27-31, 2018 trading days)

Dubai crude  has  increased week-on-week by almost US$2.80 per barrel.  MOPS gasoline and diesel have also increased week-on-week by around US$2.50 and US$3.20 per barrel respectively.

Reasons for the Adjustment

Factors affecting crude oil prices:

  • Crude oil prices are likely to rise  further in 2018 and may remain above  $75 a barrel for some time, owing to  the geo-political situations across  the world—including Iran sanctions and  drop in Venezuela production, according  to the International Energy Agency  (IEA). Geopolitical events, natural  disasters could impact the market if  a potential storm system currently off  the coast of Africa strengthens and heads to the Gulf of Mexico.
  • Declining  shipments  from  Iran  ahead  of the imposition  US  sanctions  on  Tehran in November.
  • These global market scenario could relieve upward pressure on prices unless the Organization  of  the  Petroleum  Exporting  Countries  (OPEC) go for a significant increase in production, said  Fatih Birol, the Executive Director of the International
    Energy Agency (IEA).

Asian gasoil (diesel) market

  • The Asian gasoil market is still tight with leaner supply availability and is still quite strong with steady demand.

Asian gasoline market

  • limited  supply  boosted trading  sentiment  on  the market  this  week amid recent refinery troubles.

FOREX:  Week-on-week value  of  Philippine Peso depreciated against  the US  dollar by P0.02 to P53.44, from P53.42 in previous week.

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 04 September 2018, most of the oil companies implemented a price increase of P0.95/liter for  gasoline and kerosene; diesel by P1.20/liter.

Year-to-date total adjustments stand at a net increase of P7.85/liter   for gasoline and P8.35/liter  for diesel.

As monitored, shown below are the retail prices in Metro Manila beginning September 04, 2018.

Products
Price Range
Common Price

P/liter

Gasoline (Ron91)
46.15 - 59.97
56.40

Gasoline (Ron95)
50.40 - 61.78
56.80

Gasoline (Ron97)
52.82 - 63.91
59.52

Diesel
42.30 - 49.10
45.35

Diesel PLUS
44.15 - 52.43
48.10

Kerosene
47.42 - 57.36
52.66

LPG, P/11-kg cylinders
620.00-840.00
 

* 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

LPG Price Monitor as of 03 September 2018


LPG Contract Price (CP)

LPG Contract Price (CP), commonly called the “Saudi CP” is the primary driver of LPG pricing in the Far East including  the  Philippines. It is an international price  benchmark set at the beginning of each  month by Saudi Arabia’s state-owned oil company Saudi Aramco.

The DOE refer to the LPG/Saudi CP and forex monthly average changes in determining/monitoring the price adjustments of LPG in the domestic market. Following the timing of the monthly  changes in CP, domestic price of LPG also vary every first day of the month and remain constant through out the whole month.

Like all other petroleum products, the Philippines has no influence over the LPG CP as the country’s domestic requirement is small versus the world demand. For the month of September, LPG Contract Price increased by US$ 34.00/MT to US$ 624.50/MT, from US$ 590.50/MT last month.

International LPG Market Development positions

  • The September propane and butane CPs were within traders' expectations.
  • The  September  propane  CPs  extended  the  recovery  seen  for  August,  as  demand  for  Middle  Eastern cargoes  remain  robust while Chinese  importers  seek  alternative  for  US  tons  due  to  higher  import tariffs.
  • This is the sixth consecutive increase for the butane CP.
  • Aramco’s  CPs,  which  set  the  price  of  LPG  lifted  from  the  Saudi  ports  of  Yanbu,  Ras  Tanura  and Ju’aymah under term supply contracts, closely monitor the market as they tend to set a base level for LPG pricing.

Domestic Price

Oil companies increased the price of LPG effective 01 September 2018 by P1.95/kg or about P21.45/11-kg cylinder. Auto LPG likewise increased  by  P1.10/liter. As of 01 September 2018, household LPG in Metro Manila ranges from P591.45 to P841.45per 11-kilogram cylinder.

 
For more information, call the
Department of Energy:
Pricing: 840-2187
LPG: 840-2130
Fuels: 840-5669
SMS:(0915) 4469421

Pages