WORLD OIL PRICES (September 24-28, 2018 trading days)
Dubai crude has increased week-on-week by almost US$3.00 per barrel. MOPS gasoline and diesel have also increased, gasoline by around US$2.10 per barrel and diesel by almost US$3.35 per barrel.
Reasons for the Adjustment
Factors affecting crude oil prices:
OPEC and its non-OPEC partners gathered in Algiers over the weekend for a meeting of their Joint Ministerial Monitoring Committee, although talk of keeping the market well supplied remained thin on detail.
- An increase in tensions in the Middle East following an attack on a military parade in Iran Sunday also supported higher market levels. Iranian officials blamed the attack on the US and its allies in the Persian Gulf.
- At the S&P Global Platts Asia Pacific Petroleum Conference in Singapore, oil traders said that crude prices could rise above $100/b as market uncertainties stack up including sanctions on Iran, Venezuelan production concerns, tighter crude inventories and Saudi spare capacity.
Asian gasoil (diesel) market
The Asian gasoil market was steady, with traders saying it continued to see support. "There's a demand pull from the North Asian high sea sector.
Market participants attributed the strength to improving fundamentals in the physical gasoil market. Some said it was a combination of tighter supply from Northeast Asia even as demand has remained high.
Asian gasoline market
There was little change in fundamentals in the Asian gasoline market mid-week, though the physical benchmark FOB Singapore 92 RON gasoline crack spread against front-month November ICE Brent crude at the Asian close Tuesday, driven by a strong uptick in crude oil prices.
FOREX: Week-on-week value of Philippine Peso depreciated against the US dollar by P0.15 to 54.23 from P54.08 in previous week.
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DOMESTIC OIL PRICES
Effective 02 October 2018, most of the oil companies implemented a per liter price increase of P1.00 for gasoline, P1.10 for kerosene and P1.35 for diesel.
Year-to-date total adjustments stand at a net increase of P10.40/liter for gasoline, P10.70/liter for diesel and P9.35/liter for kerosene.
As monitored, shown below are the retail prices in Metro Manila beginning October 20, 2018.
|Products||Price Range||Common Price|
|LPG, P/11-kg cylinders||645.85-865.85|
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