WORLD OIL PRICES (April 02 - 06, 2018 trading days)
Dubai crude decreased week-on-week by almost US$0.10 per barrel. Similarly, MOPS gasoline and diesel decreased during the same period by about US$1.20 and US$0.70 per barrel, respectively.
Reasons for the Adjustment
Tensions between Saudi Arabia and Iran, two of OPEC's top three crude producers, have somewhat receded. Traders though were covering bets that crude oil prices would fall further.
An attack on Saudi Arabian super tanker during the week signals further escalation of the conflict in Yemen.
Saudi Arabia's energy minister said the attack was a desperate effort and it would not disrupt oil supplies.
Analysts say oil prices do not reflect much of a geopolitical premium but prices could go higher if Houthi efforts to hit Saudi's oil sector continue.
Also potentially weighing on markets were rising trade tensions between the United States and China:
China increased tariffs by up to 25 percent on 128 U.S. products from Monday, escalating a spat between the world's biggest economies in response to U.S. duties on aluminum and steel.
The Asian gasoline market was relatively stable and balanced over the whole week amid lackluster trading activity, according to traders. With the new tax monitoring system in place in China since March, the country's imports of mixed aromatics is expected to decrease. Chinese refineries have started to import less and are only buying supplies when needed.
Asian gasoil/diesel market fundamentals were also stable. Demand for ultra-low sulfur diesel (10 ppm) was softer as high freight rates and flat prices made it uneconomical to ship cargoes to the West of Suez, despite heightened post-winter demand in Europe.
FOREX: The value of Philippine p eso per US dollar ap preciated further by P0.16 to P52.09, from P52.25 in previous week.
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DOMESTIC OIL PRICES
Starting 10 April 2018, the oil companies implemented a price decrease of P0.40/liter in gasoline and P0.30/liter in diesel. No adjustment was effected in kerosene.
Year-to-date adjustments stood at net increase of P2.70/liter for gasoline and P3.35/liter for both diesel and kerosene .
As monitored, shown below are the retail prices in Metro Manila beginning April 10, 2018.
|Products||Price Range||Common Price|
|* RON 95|
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