Oil Monitor as of 11 April 2018


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.

Other recommended reference sites:

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
P/liter
Diesel 37.57-44.32 42.05
Gasoline* 48.74-58.64 50.99
Kerosene 45.50-55.68 46.83
* 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 28 March 2018


WORLD OIL PRICES  (March 19-23, 2018 trading days)

Dubai crude increased week-on-week by about US$2.50 per barrel.  Similarly, MOPS gasoline and diesel also increased during the period by nearly US$2.80 and US$2.70 per barrel, respectively. 

Reasons for the Adjustment

  • Crude oil prices rose sharply amid fears that rising tensions in the Middle East could hinder the security of the crude supply.
  • Geophysical risk to crude output continued to support prices.
    • Increasing possibility that the US could withdraw from the historic Iran nuclear deal
    • Heightened worries that tensions between Iran and Saudi Arabia could revive.
  • Falling output in Venezuela as the troubled country remains gripped in a political and economic crisis.
  • The decline in crude oil inventories of 2.6 million barrels for the week to March 16, pushing up prices in concert with rising Middle Eastern tensions.
  • The Asian gasoline market was largely unchanged, with supply/demand fundamentals and market indicators holding steady.  Thus, it appears that the upward trend in gasoline prices in the region was largely influenced by events in the crude oil market and bullish signals from last week, when the US Energy Information Administration data showed a drawdown in US gasoline inventory.
  • For the Asian gasoil/diesel, market fundamentals were largely unchanged.  Ongoing refinery maintenance helped to cap supply, pushing prices higher, but exports out of China were expected to rise due to slow domestic demand.

FOREX:  The value of Philippine peso per US dollar depreciated further by P0.11 to P52.15, from P52.04 in previous week.   

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 27 March 2018, most of the oil companies increased their price of gasoline by P1.15/liter, diesel by P1.10/liter and kerosene P1.00/liter.

Year-to-date adjustment stands now net increase of P2.20/liter in gasoline P2.65/liter in diesel, and P2.35/liter in kerosene.

As monitored, shown below are the retail prices in Metro Manila beginning March 27, 2018.

Products Price Range Common Price
P/liter
Diesel 37.30-43.50 42.05
Gasoline* 48.02-57.92 53.57
Kerosene 43.97-54.15 47.99
* 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

 

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