WORLD OIL PRICES (November 26-30, 2018 trading days)
Dubai crude has decreased week-on-week by around US$4.40 per barrel. MOPS gasoline and diesel have also decreased per barrel by almost US$6.00 and US$6.10 respectively.
Reasons for the Adjustment (Rollbacks)
- Oil prices dipped, weighed down by uncertainty over the U.S.-China trade war and signs of increased global crude production, but losses were limited by expectations that crude exporters would agree to cut output at an upcoming OPEC meeting.
- The U.S. Energy Information Administration (EIA) released its weekly petroleum status report Wednesday morning, showing that U.S. commercial crude inventories increased by 3.6 million barrels last week, maintaining a total U.S. commercial crude inventory of 450.5 million barrels.
- Oil prices are expected to trend lower despite output cut talks by Saudi Arabia and other countries to balance oil markets, analysts told Gulf News.
- Crude oil prices were lower early Wednesday after being near flat in the previous session, with traders' attention focused not just on the release of inventory data by the EIA, but also news on interest rates.
- The Asian gasoline market remained weak Friday due to a persistent supply overhang and expectations of more gasoline flowing in the region.
- With frail demand coupled with excess supplies dominating the theme for the middle distillate, bearishness continued to loom in the Asian gasoil market Friday.
FOREX: Week-on-week value of Philippine Peso depreciated against the US dollar by P0.02 to P52.48, from P52.46 in the previous week.
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DOMESTIC OIL PRICES
Effective 04 December 2018, most of the oil companies implemented a decrease of P2.00/liter for gasoline, P2.10/liter for diesel and P2.00/liter for kerosene.
After the eight (8) consecutive rollbacks, the total year-to-date adjustments for gasoline this week reached a net decrease of P0.45/liter. For diesel, the net increase was further lowered to P1.60/liter same with kerosene with P1.53/liter.
As monitored, shown below are the retail prices in Metro Manila beginning December 04, 2018.
|Products||Price Range||Common Price|
|LPG, P/11-kg cylinders||542.60-714.60|
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