Oil Monitor as of 25 April 2018


WORLD OIL PRICES  (April 16 - 20, 2018 trading days)

Dubai crude in creased week-on-week by almost US$ 2.00 per barrel. Similarly, MOPS gasoline and diesel in creased during the period by about US$1.00 and US$1.60 per barrel, respectively .

Reasons for the Adjustment

  • Heightened geopolitical tensions in the Middle East .
  • Strong compliance with the OPEC/non-OPEC supply cut agreement.
  • Oil prices rose to the highest since late 2014 as U.S. crude inventories declined after top exporter - Saudi Arabia indicated to pursue higher oil prices. Commentary from Saudi Arabia said that they will be happy to see crude rise to $80/bbl or even $100/bbl.
  • Asian gasoline market remained largely unchanged, as the region continued to witness oversupply amid tepid spot demand. However, US summer driving season has begun with gasoline imports above their historically typical levels according to US - Energy Inform ation Administration data. US customs data reportedly showed that some of these gasoline imports have come from Asia .
    • Earlier in April, a gasoline cargo from Japan went to Washington state while another cargo from South Korea went to Oregon. While it is n ot first - time for Asian gasoline to reach the US West Coast, it is highly uncommon.
  • Asia's gasoil/diesel market continued to gain strength on improved demand and tighter regional supply. Inventories in Singapore were also being drawn down. Middle distillate stocks fell by 1.66 million barrels to 9.58 million barrels in the week ended April 18.

FOREX: The value of Philippine peso per US dollar depreciated by P0.10 to P52.08, from P51.98 in previous week.

Other recommended reference sites:

DOMESTIC OIL PRICES      

On 24 April 2018, oil companies implemented an increase of P0.40/liter for gasoline and P0.65/liter for diesel and kerosene.

Year-to-date adjustments are now at net increase of P3.45/liter for gasoline and P4.55 /liter for diesel and P4.80/liter for kerosene.

As monitored, shown below are the retail prices in Metro Manila beginning April 24, 2018.

Products Price Range Common Price
P/liter
Diesel 38.65-44.73 43.95
Gasoline* 47.60-57.60 54.82
Kerosene 45.22-54.96 49.35
* 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 18 April 2018


WORLD OIL PRICES  (April 9 - 13, 2018 trading days)

Dubai crude increased week-on-week by almost US$2.00 per barrel.  Similarly, MOPS gasoline and diesel increased during the period by about US$1.00 and US$1.70 per barrel, respectively.

Reasons for the Adjustment

  • Middle East tension.  Oil price surged to its highest level in three years as tensions over Syria escalated, which would wreak havoc in the oil trade and drastically reduce supply, meaning producers could demand a higher price.

    • With the on-going tension, Brent crude hit $72.71/barrel as traders fretted about a stand-off between the West and Syria and its allies, including Russia;

    • Concerns about the possibility of Western military action in Syria and reports of dwindling global oil inventories pushed oil prices to rise to its largest weekly gain since July on Friday;  

    • Analysts say that geopolitical jitters just intensify as we get closer to the moment of the strikes; the risk for escalation is quite high.  Syria, being a client state of both Russia and Iran, posed a risk to global stability because of its relationship with other powerful oil producers.  

  • Market fundamental signals. OPEC said the global oil stocks surplus was close to evaporating due to healthy demand and its own supply cuts.

    • OPEC is producing oil below its targets; hence the world needs to use stocks to meet rising demand.

    • OPEC monthly report show oil stocks in the developed world fell by 17.4 million barrels (MMB) in February to 2.854 billion barrels, around 43 MMB above the latest five-year average.  

    • Asian gasoline market remained weak.  

FOREX: The value of Philippine peso per US dollar appreciated by P0.10 to P51.98, from P52.09 in previous week. 

Other recommended reference sites:

DOMESTIC OIL PRICES      

On 17 April 2018, most oil companies effected an increase P0.35/liter for gasoline, P0.55/liter for diesel and P0.80/liter kerosene. 

Year-to-date adjustments stood at net increase of P3.05/liter for gasoline and P3.90/liter for diesel and P4.15/liter for kerosene.  

As monitored, shown below are the retail prices in Metro Manila beginning April 18, 2018.

Products Price Range Common Price
P/liter
Diesel 38.00-44.08 43.30
Gasoline* 47.20-57.20 54.42
Kerosene 44.57-54.31 48.70
* 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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