WORLD OIL PRICES (September 17-21, 2018 trading days)
Dubai crude has increased week-on-week by around US$0.25 per barrel. MOPS gasoline and diesel have also increased, gasoline by US$0.39 per barrel and diesel by US$0.14 per barrel.
Reasons for the Adjustment
Factors affecting crude oil prices:
Deepening trade tension between the U.S. and China is expected to dent global crude demand. China is the world second largest oil consumer.
Potential supply tightening due to Iran sanctions
Iranian crude oil export loadings have declined by 580,000 barrels per day in the past three months.
Iran is the 3rd largest OPEC producer. In 2017, its average oil production was about 3.8 million barrels per day.
OPEC and non-OPEC major oil producers are set to meet in Algeria next month to discuss scenarios for oil output.
Asian gasoil (diesel) market
Low sulfur gasoil grade has been experiencing limited supply even as demand continues to be seen in the region. Demand factor seen as the primary reason for the upward push in prices.
Asian gasoline market
Tight gasoline supply coupled with robust demand from Indonesia and the Persian Gulf continued to support the East of Suez gasoline market.
Strong physical market fundamentals may have been factored into the recent rise of front-month 92 RON gasoline.
FOREX: Week-on-week value of Philippine Peso depreciated against the US dollar by P0.12 to 54.08 from P53.96 in previous week.
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DOMESTIC OIL PRICES
Effective 25 September 2018, most of the oil companies implemented a per liter price increase of P0.40 for gasoline,kerosene by P0.15 and P0.20 for diesel.
Year-to-date total adjustments stand at a net increase of P9.40/liter for gasoline, P9.35/liter for diesel and P8.25/liter for kerosene.
As monitored, shown below are the retail prices in Metro Manila beginning September 25, 2018.
|Products||Price Range||Common Price|
|LPG, P/11-kg cylinders||620.00-840.00|
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