WORLD OIL PRICES (August 27-31, 2018 trading days)
Dubai crude has increased week-on-week by almost US$2.80 per barrel. MOPS gasoline and diesel have also increased week-on-week by around US$2.50 and US$3.20 per barrel respectively.
Reasons for the Adjustment
Factors affecting crude oil prices:
- Crude oil prices are likely to rise further in 2018 and may remain above $75 a barrel for some time, owing to the geo-political situations across the world—including Iran sanctions and drop in Venezuela production, according to the International Energy Agency (IEA). Geopolitical events, natural disasters could impact the market if a potential storm system currently off the coast of Africa strengthens and heads to the Gulf of Mexico.
- Declining shipments from Iran ahead of the imposition US sanctions on Tehran in November.
These global market scenario could relieve upward pressure on prices unless the Organization of the Petroleum Exporting Countries (OPEC) go for a significant increase in production, said Fatih Birol, the Executive Director of the International
Energy Agency (IEA).
Asian gasoil (diesel) market
- The Asian gasoil market is still tight with leaner supply availability and is still quite strong with steady demand.
Asian gasoline market
- limited supply boosted trading sentiment on the market this week amid recent refinery troubles.
FOREX: Week-on-week value of Philippine Peso depreciated against the US dollar by P0.02 to P53.44, from P53.42 in previous week.
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DOMESTIC OIL PRICES
Effective 04 September 2018, most of the oil companies implemented a price increase of P0.95/liter for gasoline and kerosene; diesel by P1.20/liter.
Year-to-date total adjustments stand at a net increase of P7.85/liter for gasoline and P8.35/liter for diesel.
As monitored, shown below are the retail prices in Metro Manila beginning September 04, 2018.
46.15 - 59.97
50.40 - 61.78
52.82 - 63.91
42.30 - 49.10
44.15 - 52.43
47.42 - 57.36
LPG, P/11-kg cylinders
* RON 95
For more information, call the