Oil Monitor as of 14 June 2018


WORLD OIL PRICES  (June 4-8, 2018 trading days)

Dubai crude has decreased week-on-week by around US$ 0.30/bbl. MOPS gasoline has also decreased by almost US$ 1.65/bbl. and diesel by about US$ 1.50/bbl.

Reasons for the Adjustment

Asian gasoil (diesel) market

  • Asian gasoil market remained pressured by rising supplies, stemming from higher outflows from India due to a seasonal lull in domestic demand, and from the Middle East and North Asia following completion of scheduled maintenance have all contributed to the length.

Asian gasoline market

  • The Asian gasoline sentiment remained bearish, amid concerns over the Asian markets' ability to consume surplus barrels in region, as regional demand is expected to ease after the Eid holidays in June.

Factors affecting crude oil prices

  • The oil complex fell despite a weaker dollar and stronger US equities, extending recent declines as traders prepare for the potentially more supply coming from OPEC producers and Russia.

  • In Kuwait City, an "unofficial consultative meeting" involving Gulf oil ministers from Saudi Arabia, the UAE, Kuwait and non-OPEC producer Oman failed to yield any clues on production strategy ahead of a pivotal gathering scheduled for June 22 in Vienna. The meeting was arranged on short notice after Saudi Arabia and Russia both indicated output limits under the OPEC-led production agreement could be eased before the expiry at the end of 2018.

  • In Venezuela, state-run oil company PDVSA is having difficulty meeting even basic supply commitments. The oil market is grappling with an economic and political crisis that has put oil production into free fall this year, helping OPEC in its production cut targets but also threatening to push the country further into chaos.

FOREX:  Week-on-week value of Peso appreciated against the US dollar by P0.08 to P52.52 from P52.59 in the preceding week.

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 12 June 2018, most of the oil companies have decreased their prices by P0.55/liter for gasoline and P0.60/liter both for diesel and kerosene.

Year-to-date total adjustments stand at a net increase of P5.60/liter in gasoline and P6.15/liter in diesel.

As monitored, shown below are the retail prices in Metro Manila beginning June 12, 2018.

Products Price Range Common Price
P/liter
Diesel 40.25-47.25 44.40
Gasoline* 48.30-59.52 55.50
LPG, P/11-kg cylinders 570.00-790.00  
* 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 13 June 2018 (May 28-June 01, 2018 trading days)


WORLD OIL PRICES  (May 28-June 01, 2018 trading days)

Dubai crude has decreased week-on-week by more than US$ 2.30/bbl. MOPS gasoline has also decreased by almost US$ 4.00/bbl. and diesel about US$ 3.00/bbl.

Reasons for the Adjustment

Asian gasoil (diesel) market

  • Strong refining margins for gasoil encouraged higher run rates, following the end of the peak maintenance season..

Asian gasoline market

  • Surplus gasoline inventory in Singapore weighed heavy on the Asian market, amid expectation of excess outflows from China in the prompt period. Although rising regional demand was expected to absorb some of the surplus due to the peak driving season in Asia.

Factors affecting crude oil prices

  • Oil prices have declined due to a growth in US crude oil stockpiles and expectations of a potential increase in output led by Organization of Petroleum Exporting Countries (OPEC). The downturn in oil prices came on the heels of worries that Saudi Arabia and Russia could pump more crude to compensate for a potential supply shortfall, with hedge funds reducing bullish positions in crude.

  • Oil prices dipped, after sharp gains in the previous session, weighed down by a surprise increase in US crude oil inventories and expectations that OPEC and other producers could decide to increase output at a meeting in June.

    • The upcoming meeting in Vienna assumes significance as the producers are expected to take a stand on whether to continue with their ongoing supply cuts.

FOREX:  Week-on-week value of Peso depreciated against the US dollar by P0.15 to P52.59 from P52.44 in the preceding week.

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 03 June 2018, most of the oil companies have decreased their prices by P1.20/liter for gasoline, P0.90/liter for diesel and kerosene by P1.00/liter.

Year-to-date total adjustments stand at a net increase of P6.15/liter in gasoline and P6.75/liter in diesel.

As monitored, shown below are the retail prices in Metro Manila beginning June 03, 2018.

Products Price Range Common Price
P/liter
Diesel 40.85-47.85 45.00
Gasoline* 48.85-60.07 56.05
LPG, P/11-kg cylinders 570.00-790.00  
* 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

 

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