WORLD OIL PRICES (May 14-18, 2018 trading days)
Dubai crude has increased week - on - week by about US$ 2 . 00 per barrel. MOPS gasoline and diesel have also increased as well by more than US$ 3 . 70 and almost US$ 3 . 00 per barrel , respectively .
Reasons for the Adjustment
Asian gasoil (diesel) market
The Asian gasoil market was relatively steady. Demand was stable while supply was capped by ongoing refinery turnarounds.
The number of refineries under maintenance was declining, but gasoil demand in the Middle East was rising as summer approached.
Asian gasoline market
- The Asian gasoline market fundamentals strengthened considerably on the back of improving incremental demand within the region.
Factors affecting crude oil prices
Crude prices moved higher on concerns that U.S. sanctions will disrupt exports from Iran, adding concerns to supply;
Iran is third major oil producer of OPEC, having twelve percent share of the 13 - members group’s total output of 32.10 mi llion b /d production in 2017.
- Venezuela crude production dropped to 1.5 million barrels last month, its lowest level in decades due to the country’s ongoing economic crisis. Venezuela produced an average of around 2.3 mil b/d before the crisis.
Unrest was bui lding in Venezuela ahead of presidential elections, which the U.S., European Union, Mexico, Brazil or Colombia have labeled as “illegitimate”.
FOREX:The value of Philippine p eso per US dollar de preciated by P 0. 38 to P 5 2 . 32 from P 5 1.94.
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DOMESTIC OIL PRICES
Effective 22 May 2018, oil companies implemented a n increase of P1 . 60 /liter for gasoline ,P1 . 15 /liter diesel and P1.00 /liter for kerosene.
Year - to - date adjustment s are at net increase of P 6 . 7 0 /liter for gasoline and P 7 . 30 /liter for diesel and P 6 . 85 /liter for k erosene.
As monitored, shown below are the retail prices in Metro Manila beginning May 22, 2018.
|Products||Price Range||Common Price|
|* RON 95|
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