WORLD OIL PRICES (August 20-24, 2018 trading days)
MOPS gasoline has increased week-on-week by around US$0.10 and diesel by almost US$2.00 per barrel. Dubai crude has also increased week-on-week by nearly US$1.55 per barrel.
Reasons for the Adjustment
Factors affecting crude oil prices:
U.S crude inventories fell by 5.8 million barrels, as reported by Energy Information Administration (EIA), exceeding the 1.5 million-barrel draw forecast by analyst polled by Reuters.
US’s sanctions on Iran signaled tightening supplies.
Sanctions are expected to pull between 1 million b/d and 1.5 million b/d off the market.
Saudi Arabia is lining up to be the main supplier to replace Iran after the implementation of US sanctions coming November.
- Signs of the tighter supply countered concern about slowing oil demand stemming partly from the trade dispute between the United States and China, the world’s two largest economies.
Asian gasoil (diesel) market
The upward momentum in the Asian gasoil market as compared to the anemic state of the Asian jet market, has pushed the physical regrade-a measure of the relative strength of jet fuel/kerosene versus 10 ppm sulfur gasoil.
Asian gasoline market
Supply was limited according to Platts due to Fluid catalytic cracking (FCC) issues with several refineries around the world.
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 28 August 2018, most of the oil companies implemented a price increase of P0.10/liter for gasoline, P0.60/liter for diesel and P0.45/liter for kerosene.
Year-to-date total adjustments stand at a net increase of P6.90/liter for gasoline and P7.15/liter for diesel.
As monitored, shown below are the retail prices in Metro Manila beginning August 28, 2018.
|Products||Price Range||Common Price|
|Gasoline (Ron91)||45.30 - 59.12||55.55|
|Gasoline (Ron95)||49.55 - 60.93||55.95|
|Gasoline (Ron97)||51.97 - 63.06||58.67|
|Diesel||41.70 - 48.50||44.75|
|Diesel PLUS||44.55 - 51.83||47.50|
|Kerosene||46.72 - 56.86||52.16|
|LPG, P/11-kg cylinders||570.00-820.00|
|* RON 95|
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