Oil Monitor as of 27 September 2018


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.

Other recommended reference sites:

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
P/liter
Gasoline (Ron91)  51.55-60.82 58.00
Gasoline (Ron95)  52.05-62.27 59.50
Gasoline (Ron97)  54.25-65.35 61.00
Diesel 44.30-49.04 46.95
Diesel PLUS 46.00-53.55 49.75 
Kerosene 48.72-58.85 52.57
LPG, P/11-kg cylinders 620.00-840.00  

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 19 September 2018


WORLD OIL PRICES  (September 10-14, 2018 trading days)

Dubai crude  has  increased week-on-week by almost US$0.80 per barrel same with MOPS gasoline by around US$0.90 per barrel increase. On the contrary MOPS diesel has decreased week-on-week by US$0.18 per barrel.

Reasons for the Adjustment

Factors affecting crude oil prices:

  • Early  into  the  trading  week,  oil  prices  dropped  on  concerns  that  hurricane  Irma  can effect a dent in US oil demand.

  • Skepticism  by  some  of  the  market  participants on reports  on  a  potential  ban  on gasoline  and  diesel  vehicles  in  China also  affected  the  market; China  plans  to implement a nationwide E10 ethanol mandate by 2020.

  • The International Energy Agency’s warning Thursday on a risk of spiraling oil prices in the  coming  months.  It  cited  supply  problems  in  Venezuela  and  Libya,  as  well  as  U.S. sanctions against Iran as the reasons for driving up oil prices.

  • Oil  prices  settled  higher  on  Friday  morning  in  Asia,  as  the  U.S.  asked  oil  producers OPEC members and Russia to prevent a spike in global oil prices.

Asian gasoil (diesel) market

  • Asia’s medium  sulfur gasoil  grade  saw  a  cash  differential  premiums  weaken due  to  a strong gasoil market. The shuffle downwards for the 500ppm sulfur grade was expected to be firm in September on expectations of a pull from the fishing sector, with the lifting of the fishing ban in China.

Asian gasoline market

  • Fundamentals  in  the  Asian  gasoline  market  remained  largely  unchanged  midweek,  as the region continued to witness tight supply in the Middle East region amid strong spot demand from Iraq, Pakistan and Indonesia.

FOREX:  Week-on-week value  of  Philippine Peso depreciated against  the US  dollar by P0.34 to P53.96, from P53.62 in previous week.

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 18 September 2018, most of the oil companies implemented a per liter price increase of P0.50 for gasoline, kerosene by P0.20 and P0.15 for diesel.
Year-to-date total adjustments stand at a net increase of P9.00/liter for gasoline and P9.15/liter for diesel.

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

Products Price Range Common Price
P/liter
Gasoline (Ron91)  51.15-60.37 57.60
Gasoline (Ron95)  51.65-61.82 58.10
Gasoline (Ron97)  53.85-64.95 60.90
Diesel 44.10-48.84 46.75
Diesel PLUS 46.63-53.35 49.55 
Kerosene 48.57-58.70 52.36
LPG, P/11-kg cylinders 620.00-840.00  

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

Pages