WORLD OIL PRICES (November 12-16, 2018 trading days)
Dubai crude has decreased week-on-week by nearly US$4.00 per barrel. MOPS gasoline and diesel have also decreased per barrel by around US$3.70 and US$ 3.00 respectively.
Reasons for the Adjustment (Rollbacks)
- US-Energy Information Administration (EIA) data of crude inventories settled higher for an eighth-straight week, adding 10.27 million barrels in week ending November 9 to 442.05 million barrels.
- Meanwhile the International Energy Agency (IEA) Executive Director Fatih Birol warned OPEC and other key oil producers to "behave responsibly" to ensure continued "comfortable" market conditions and prevent a return to higher oil prices.
- Gasoline: US gasoline stocks remain ample despite the larger-than-expected draw in recent week, and are nearly 7% above the five-year average for this time of year.
- Gasoil/diesel: Asian gasoil remained stable on medium demand and ample supply. Supply is healthier due to the North Asian refineries returning from turnaround.
- Oil ended slightly firmer after volatile trading on Friday, supported by expectations that the Organization of the Petroleum Exporting Countries would agree to cut output next month, though prices fell amid global oversupply concerns.
FOREX: Week-on-week value of Philippine Peso depreciated against the US dollar by P0.02 to P53.01, from P52.99 in the previous week.
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DOMESTIC OIL PRICES
Most of the oil companies implemented a price decrease effective November 17-20, 2018. Rollbacks ranges from P1.25-1.30 per liter for gasoline, P1.10 per liter for diesel and P0.80 per liter for kerosene.
Year-to-date adjustments are now at a net increase of P2.60/liter for gasoline, P6.00/liter for diesel and P5.63/liter for kerosene.
As monitored, shown below are the retail prices in Metro Manila beginning November 20, 2018.
|Products||Price Range||Common Price|
|LPG, P/11-kg cylinders||613.00-865.00|
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