Oil Monitor as of 13 June 2018 (May 28-June 01, 2018 trading days)


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.

Other recommended reference sites:

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
P/liter
Diesel 40.85-47.85 45.00
Gasoline* 48.85-60.07 56.05
LPG, P/11-kg cylinders 570.00-790.00  
* 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

 

Oil Monitor as of 13 June 2018 (May 21-25, 2018 trading days)


WORLD OIL PRICES  (May 21-25, 2018 trading days)

Dubai crude has increased week-on-week by more than US$1.00/bbl. MOPS gasoline by almost US$2.00/bbl and diesel have also increased as well by about US$0.70/bbl..

Reasons for the Adjustment

Asian gasoil (diesel) market

  • Asian gasoil/diesel market also remained balance and stable, with demand stable amid sufficient supply. Gasoil demand also rising heading into summer driving season. Supply is expected to rise as refineries return from refinery maintenance season.

Asian gasoline market

  • Outlook in the Asian gasoline market remained optimistic on continued strengthening of regional fundamentals, active spot buying and tightening supply. Fundamentals in the Persian Gulf were also heard to be firming with spot demand picking up/ improving incremental demand.

Factors affecting crude oil prices

  • The Organization of Petroleum Exporting Countries and its allies have eliminated the oil-inventory surplus that’s weighed on prices since 2014. They indicated last month that supply curbs should continue as planned until the end of the year. That position has been complicated by renewed U.S. sanctions on Iran and Venezuela’s collapsing oil industry, which threaten to tighten a market where crude is already trading near a three-year high.

  • Concern about supply from Iran and Venezuela, following new US sanctions, had pushed both Brent and WTI to multiyear highs, Brent breaking through the $80 threshold last week for the first time since November 2014.

    • Libya, an OPEC member cut its oil production by about 120,000 barrels a day as unusually hot weather prompted power problems. The country produced about 90 mil barrels per day in the past year.

FOREX:  Week-on-week value of Peso depreciated against the US dollar by P0.13 to P52.44 from P52.32 in the preceding week.

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 29 May 2018, most of the oil companies have increased their prices by P0.65/liter for gasoline, P0.35/liter for diesel and kerosene by P0.45/liter.

Year-to-date total adjustments stand at a net increase of P7.35/liter in gasoline and P7.65/liter in diesel.

As monitored, shown below are the retail prices in Metro Manila beginning 29 May 2018.

Products Price Range Common Price
P/liter
Diesel 41.75-47.83 45.90
Gasoline* 50.25-61.47 58.57
LPG, P/11-kg cylinders 544.00-754.00  
* 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

 

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