Oil Monitor as of 12 July 2018


WORLD OIL PRICES  (July 2-6, 2018 trading days)

Dubai crude has increased week-on-week by about US$ 0.70 per barrel. MOPS gasoline and diesel increased as well by about US$1.00 and US$0.90 per barrel, respectively .

Reasons for the Adjustment

Asian gasoil (diesel) market

  • Traders said that sentiment in the Asian gasoil market remained downbeat on persistently weak regional demand amid plentiful supplies. Adding to the bearishness was generally reduced demand from India and Southeast Asia with the monsoon season dampening a ppetite for gasoil.

Asian gasoline market

  • Asian gasoline market saw stable sentiment at the end of the week, and market sources were heard awaiting for the next wave of spot demand to emerge. The market sources added that some participants were still holding on to June barrels so the market in July was not expected to be as robust as June.

Factors affecting crude oil prices

  • Despite efforts by Saudi Arabia to boost output, turmoil in Libya, renewed sanctions on Iran and the unexpected loss of Canadian Syncrude have kept the market's attention on supply disruptions.

  • Libya's National Oil Corp. declared force majeure Monday on crude loading from the Zueitina and Marsa el-Hariga terminals as a result of the ongoing blockade of eastern oil ports. The ports are currently controlled by a rival oil company, the Benghazi-based NOC East, after power was transferred there by the Libyan National Army.

  • US President Donald Trump ra t cheted up pressure on OPEC to boost production, while a stronger dollar was also bearish for crude futures.

FOREX:  Week-on-week value of Philippine Peso appreciated against the US dollar by P0.05 to P53.40, from P53.45 in previous week.

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 10 July 2018, most of the oil companies have implemented an increase of P0.40/liter for gasoline, P0.35/liter for diesel and P0.70/liter for kerosene.

Year-to-date total adjustments stand at a net increase of P5.70/liter for gasoline and P6.60/liter for diesel .

As monitored, shown below are the retail prices in Metro Manila beginning July 10, 2018.

Products Price Range Common Price
P/liter
Diesel 40.70-46.50 44.85
Gasoline* 48.35-59.62 54.60
LPG, P/11-kg cylinders 580.00-800.00  
* 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 03 July 2018


WORLD OIL PRICES  (June 25-29, 2018 trading days)

Dubai crude has increased week-on-week by around US$ 2.50/bbl. Similarly MOPS gasoline and diesel have also increased by more than US$ 1.70 and US$1.30 per barrel, respectively.

Reasons for the Adjustment

Asian gasoil (diesel) market

  • G asoil market remained depressed as rising outflows from India, Middle East and North Asia continued to outstrip waning demand.

    • Exports from India have been increasing in recent weeks as the monsoon season has curbed domestic demand.

    • Most refiners are still maximizing production due to healthy margins for the middle distillate, especially on jet fuel and diesel/gasoil.

    • Demand is waning in the region due to heavy rains, an ongoing fishing ban in China and the monsoons in India were key reasons hampering demand; thus, suppliers have started to source alternative homes for their surplus barrels.

Asian gasoline market

  • Gasoline market remained largely stable amid tepid spot demand and stable regional supplies.

    • The market was mainly looking out for Indonesia’s and Pakistan’s spot demand.

    • Supply is sufficient within Asia and more is expected to enter the market heading into third quarter.

    • The market was expected to be bearish moving forward, unless unexpected circumstances occur in the near future.

Factors affecting crude oil prices

  • Oil prices rose sharply this week after the US State Department announced it would offer no waivers to Iran's oil buyers when sanctions snap back in November, a hard - line approach many allies did not expect after the Obama administration allowed them to contin ue some imports in 2012 - 2015 as long as they made significant cuts every six months.

  • Massive drawdown in US crude stocks, along with Libyan and Venezuelan supply concerns.

FOREX:  Week-on-week value of Peso depreciated against the US dollar by P0.04 to P 53.45 from P 53.40 in the preceding week .

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 03 July 2018, most of the oil companies have increased their prices by P 0.65 /liter for gasoline, P0.55/liter for diesel and P0.70/liter for kerosene.

Year - to - date total adjustments stand at a net increase of P 5.30 /liter in gasoline and P6.25 /liter in diesel.

As monitored, shown below are the retail prices in Metro Manila beginning July 03, 2018.

Products Price Range Common Price
P/liter
Diesel 41.20-46.15 44.50
Gasoline* 49.45-59.42 54.20
LPG, P/11-kg cylinders 580.00-800.00  
* 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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