Oil Monitor as of 25 July 2018


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

Dubai crude has decreased week-on-week by more than US$2.90 per barrel. MOPS gasoline and diesel decreased as well by about US$2.90 and US$2.92 per barrel, respectively.

Reasons for the Adjustment

Factors affecting crude oil prices:

  • Crude prices dropped for the week as concerns about oversupply and lower demand
    due to a possible economic slowdown caused by the trade conflict between the United States and China, the world’s two biggest oil users.

    • US President Donald Trump raised the stakes with a threat to impose tariffs on all $500 billion of Chinese exports to the United States unless Beijing agrees to major structural changes to its technology transfer,  industrial subsidy and joint venture.

Asian gasoil (diesel) market

  • Poor demand for high and medium sulfur gasoil grades continued exerting downward pressure in the market due to the monsoon.

  • Thailand has offered 0.05% sulfur gasoil to Cambodia but the demand there was
    weakened due to the monsoon season.

Asian gasoline market

  • Chinese domestic demand was slightly weaker. Market sources said weaker sentiment was also heard in the US West Coast region due to the influx of Asian gasoline.

  • On the other hand, China’s decreasing export could be attributed to its refineries maintenance and heavy monsoon rains/typhoons/flooding.

FOREX:  Week-on-week value of Philippine Peso depreciated against the US dollar by P0.03 to P53.50, from P53.47 in previous week.

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 24 July 2018, most of the oil companies have implemented a decrease of P0.70/liter for gasoline, P1.00/liter for diesel and P1.25/liter for kerosene.

Year-to-date total adjustments stand at a net increase of P5.30/liter for gasoline and P5.45/liter for diesel.

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

Products Price Range Common Price
P/liter
Diesel 39.55-45.35 42.85
Gasoline* 47.95-59.22 54.20
LPG, P/11-kg cylinders 580.00-800.00  
* 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 12 July 2018


WORLD OIL PRICES  (July 2-6, 2018 trading days)

Dubai crude has increased week-on-week by about US$ 0.70 per barrel. MOPS gasoline and diesel increased as well by about US$1.00 and US$0.90 per barrel, respectively .

Reasons for the Adjustment

Asian gasoil (diesel) market

  • Traders said that sentiment in the Asian gasoil market remained downbeat on persistently weak regional demand amid plentiful supplies. Adding to the bearishness was generally reduced demand from India and Southeast Asia with the monsoon season dampening a ppetite for gasoil.

Asian gasoline market

  • Asian gasoline market saw stable sentiment at the end of the week, and market sources were heard awaiting for the next wave of spot demand to emerge. The market sources added that some participants were still holding on to June barrels so the market in July was not expected to be as robust as June.

Factors affecting crude oil prices

  • Despite efforts by Saudi Arabia to boost output, turmoil in Libya, renewed sanctions on Iran and the unexpected loss of Canadian Syncrude have kept the market's attention on supply disruptions.

  • Libya's National Oil Corp. declared force majeure Monday on crude loading from the Zueitina and Marsa el-Hariga terminals as a result of the ongoing blockade of eastern oil ports. The ports are currently controlled by a rival oil company, the Benghazi-based NOC East, after power was transferred there by the Libyan National Army.

  • US President Donald Trump ra t cheted up pressure on OPEC to boost production, while a stronger dollar was also bearish for crude futures.

FOREX:  Week-on-week value of Philippine Peso appreciated against the US dollar by P0.05 to P53.40, from P53.45 in previous week.

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 10 July 2018, most of the oil companies have implemented an increase of P0.40/liter for gasoline, P0.35/liter for diesel and P0.70/liter for kerosene.

Year-to-date total adjustments stand at a net increase of P5.70/liter for gasoline and P6.60/liter for diesel .

As monitored, shown below are the retail prices in Metro Manila beginning July 10, 2018.

Products Price Range Common Price
P/liter
Diesel 40.70-46.50 44.85
Gasoline* 48.35-59.62 54.60
LPG, P/11-kg cylinders 580.00-800.00  
* 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

Pages