Oil Monitor as of 29 August 2018


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.

Other recommended reference sites:

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
P/liter
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

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 22 August 2018


WORLD OIL PRICES  (August 13-17, 2018 trading days)

MOPS gasoline has increased  week-on week  by almost US$0.10 per barrel while diesel has decreased by nearly US$0.70 per barrel. Dubai crude has also decreased week-on-week by almost US$1.40 per barrel. 

Reasons for the Adjustment

Factors affecting crude oil prices:

  • Crude prices rose on Friday, but declined on the week on worries that oversupply would weigh on the U.S. market while trade disputes and slowing global economic growth would dampen demand for oil.

    • One of the biggest concerns out there is that China’s demand numbers are coming down if China’s GDP growth is slowing.

  • A Joint Ministerial Monitoring Committee which oversees OPEC's supply accord with  Russia and other allies is scheduled to  meet in Algeria on September 23, 2018. Six  weeks before US sanctions that could shut  in 1 million b/d or more of Iran's crude sales are scheduled to take effect November 5.

Asian gasoil (diesel) market

  • Fundamentals in the Asian gasoil market were stable mid-week, with some traders continuing to remain largely bullish on the product. Both firm demand and limited supply factors were seen as contributing to the supportive gains seen in the Asian gasoil grades this week.

Asian gasoline market

  • Sentiment in the Asian gasoline market was  bullish Thursday as prices rallied to near  one-year highs on Wednesday,  following  Indian  refiner  Reliance  Industries Limited's declaration of a force majeure  on gasoline cargoes from its export-oriented refinery in Jamnagar.

FOREX:  Week-on-week value of Philippine Peso depreciated against the US dollar by P0.38 to P53.42,from P53.05 in previous week.

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 21 August 2018, most of the oil companies implemented a price increase of P0.30/liter for gasoline while P0.20 /liter decrease has been applied on kerosene. There was no movement on the  price of diesel.

Year-to-date total adjustments stand at a net increase of P6.80/liter for gasoline  and P6.55/liter for diesel. 

As monitored, shown below are the retail prices in Metro Manila beginning August 21, 2018.

Products Price Range Common Price
P/liter
Gasoline (Ron91) 45.20 - 59.02 55.45
Gasoline (Ron95) 49.45 - 60.83 54.85
Gasoline (Ron97) 51.87 - 62.96 58.57
Diesel 41.10 - 47.90 44.15
Diesel PLUS 43.95 - 51.23 46.90
Kerosene 46.27 - 56.41 51.71
LPG, P/11-kg cylinders 570.00-820.00  
* 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

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