Oil Monitor as of 21 November 2018


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.

Other recommended reference sites:

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
P/liter
Gasoline (Ron91)  44.45-54.02 50.20
Gasoline (Ron95)  44.90-55.82 52.90
Gasoline (Ron97)  46.35-58.65 52.70
Diesel 40.92-45.79 42.65
Diesel PLUS 43.70-49.19 44.65
Kerosene 46.12-55.76 52.37
LPG, P/11-kg cylinders 613.00-865.00  

 

 

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 14 November 2018


WORLD OIL PRICES  (November 14, 2018 trading days)

Dubai crude has decrea sed week-on-week by almost US$4.00 per barrel. MOPS gasoline and diesel have also decreased per barrel by around US$5.90 and US$4.60 respectively .

Reasons for the Adjustment (Rollbacks)

  • Ample supply continued to weigh on the Asian gasoline market . The market is weak and will likely remain so for the rest of the year due to excess supply in the market.
  • Gasoline prices continued its retreat, and looked set to fall further, dragged lower by a falling crude complex and pressured under the weight of the gasoline supply overhang.
  • The Asian gasoil market was seen steady to slightly weaker; the product was currently treading in more neutral waters. A source said that buying appetite not much and not strong . O ther sources said further downside might be expected on the back of uncertain demand and increased regional supply.
  • China, India, Turkey, Japan, South Korea, Italy, Greece and Taiwan , Iran's top crude buyers would receive 180 - day waivers from US sanctions to continue imports said US Secretary of State Mike Pompeo. M ajor Iranian oil importer UAE did not receive relief from the sanctions.
  • The goal of the waivers was to mitigate upside price shock due to tighter supply post - sanctions. But details of the waivers mechanism remain scarce.

FOREX:  Week-on-week value of Philippine Peso appreciated against the US dollar by P0.57 to P52.99, from P53.56 in previous week.

Other recommended reference sites:

DOMESTIC OIL PRICES      

Most of the oil companies implemented a price decrease effective 13 November 2018 . Rollbacks ranges from P2.30-2.50 per liter for gasoline, P2.00 per liter for diesel and P1.85 per liter for kerosene.

Year-to-date adjustments are now at a net increase of P3.90/liter for gasoline, P7.10/liter for diesel and P6.43 /liter for kerosene.

As monitored, shown below are the retail prices in Metro Manila beginning November 13, 2018.

Products Price Range Common Price
P/liter
Gasoline (Ron91)  45.70-55.32 52.20
Gasoline (Ron95)  46.20-56.77 54.20
Gasoline (Ron97)  47.65-59.30 54.00
Diesel 41.50-46.89 43.60
Diesel PLUS 44.65-50.29 45.60
Kerosene 46.92-57.00 53.17
LPG, P/11-kg cylinders 568.00-783.00  

 

 

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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