Oil Monitor as of 13 June 2018 (May 21-25, 2018 trading days)


WORLD OIL PRICES  (May 21-25, 2018 trading days)

Dubai crude has increased week-on-week by more than US$1.00/bbl. MOPS gasoline by almost US$2.00/bbl and diesel have also increased as well by about US$0.70/bbl..

Reasons for the Adjustment

Asian gasoil (diesel) market

  • Asian gasoil/diesel market also remained balance and stable, with demand stable amid sufficient supply. Gasoil demand also rising heading into summer driving season. Supply is expected to rise as refineries return from refinery maintenance season.

Asian gasoline market

  • Outlook in the Asian gasoline market remained optimistic on continued strengthening of regional fundamentals, active spot buying and tightening supply. Fundamentals in the Persian Gulf were also heard to be firming with spot demand picking up/ improving incremental demand.

Factors affecting crude oil prices

  • The Organization of Petroleum Exporting Countries and its allies have eliminated the oil-inventory surplus that’s weighed on prices since 2014. They indicated last month that supply curbs should continue as planned until the end of the year. That position has been complicated by renewed U.S. sanctions on Iran and Venezuela’s collapsing oil industry, which threaten to tighten a market where crude is already trading near a three-year high.

  • Concern about supply from Iran and Venezuela, following new US sanctions, had pushed both Brent and WTI to multiyear highs, Brent breaking through the $80 threshold last week for the first time since November 2014.

    • Libya, an OPEC member cut its oil production by about 120,000 barrels a day as unusually hot weather prompted power problems. The country produced about 90 mil barrels per day in the past year.

FOREX:  Week-on-week value of Peso depreciated against the US dollar by P0.13 to P52.44 from P52.32 in the preceding week.

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 29 May 2018, most of the oil companies have increased their prices by P0.65/liter for gasoline, P0.35/liter for diesel and kerosene by P0.45/liter.

Year-to-date total adjustments stand at a net increase of P7.35/liter in gasoline and P7.65/liter in diesel.

As monitored, shown below are the retail prices in Metro Manila beginning 29 May 2018.

Products Price Range Common Price
P/liter
Diesel 41.75-47.83 45.90
Gasoline* 50.25-61.47 58.57
LPG, P/11-kg cylinders 544.00-754.00  
* 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

 

LPG Price Monitor as of 01 June 2018


LPG Contract Price (CP)

LPG Contract Price (CP), commonly called the “ Saudi CP ” is the primary driver of LPG pricing in the Far East including the Philippines . It is an international price benchmark set at the beginning of each month by Saudi Arabia’s state - owned oil company Saudi Aramco.

The DOE refer to the LPG/ Saudi CP and forex monthly average changes in determining /monitoring the price adjustments of LPG in the domestic market. Foll owing the timing of the monthly changes in CP, domestic price of LPG also vary every first day of the month and remain constant through out the whole month.

Like all other petroleum products, the Philippines ha s no influence over the LPG CP as the countr y’s domestic requirement is very small versus the world demand.

For the month of June , LPG Contract Price has increased by 1 1.2 % or US$ 5 6 . 5 0 per metric ton to US$ 560 .00/MT , from US$ 503.50 /MT in May . This would translate to P 3 . 40 per kilogram price adjustment .

 

Reasons for Price Increase

  • Sentiment in the region is healthy, supported by demand from the petrochemical sector
  • Traders are also seeking propane over the past week to meet demand from regional consumers such as Indonesia and Taiwan

 

Domestic Prices      

Effective 01 June 2018, most of the oil companies have increased their price by P 3.40 /kg , resulting to a net increase of P0.38/kg since January of this year.

As of today, initial price monitoring of LPG household in Metro Manila, ranges from P 582.00 - 787.00. Details of the monitored prices in Metro Manila are posted at the DOE website - Price Watch .

 


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: www.doe.gov.ph

 

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