WORLD OIL PRICES (May 7-11, 2018 trading days)
Dubai crude has increased week-on-week by more than US$ 3.00 /bbl. MOPS gasoline and diesel have also increased as well by about US$ 2.90 and more than US$ 3.00 per barrel, respectively.
Reasons for the Adjustment
Asian gasoil (diesel) market
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Sentiment was mixed with demand remaining firm in the Persian Gulf and India and supply from China expected to rise after the release of a second batch of export quotas.
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Middle distillate stocks in both Singapore and the ARA region have trended lower in recent weeks, reflecting tighter supply fundamentals.
Asian gasoline market
- Reportedly, fundamentals were largely stable despite improvement in the overall indicators.
- The market is still pretty wel l supplied; FOB Singapore 92 RON gasoline crack against front - month July ICE Brent crude futures widened by 67 cents/b day-on-day to $6.81/b.
Factors affecting crude oil prices
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Oil rose to a three-year high after the U.S. told buyers of Iranian crude that they have six months to curb their purchases or face tough penalties, World Oil reports.
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US President Trump abandoned a nuclear deal with Iran and announced the “highest level” of sanctions against the OPEC member. Ignoring pleas by allies, Trump on Tuesday pulled out of an International deal with Iran that was agreed in 2015, a move that raises the risk of conflict in the Middle East and casts uncertainty over oil supplies in an already tight market..
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- Crude oil prices settled higher amid on - going exp ectations that new US sanctions on Iran would trim global crude supplies while flaring tensions in the Middle East also supported sentiment.
FOREX: Week-on-week value of Peso depreciated against the US dollar by P0.16 to P51.94 from P51.78 in the preceding week .
Other recommended reference sites:
- https://www.aip.com.au/pricing
- https://www.indexmundi.com/commodities/?commodity=crude-oil-dubai
- https://www.quandl.com/data/ODA/POILDUB_USD-Dubai-Crude-Oil-Price
DOMESTIC OIL PRICES
Effective 15 May 2018 , most of the oil companies have increased their prices by P1 . 10/liter for gasoline , P1.20/liter for diesel and kerosene by P0.95 /li ter .
Year - to - date total adjustments stand at a net increase of P 5.10 /liter in gasoline and P6.15 /liter in diesel.
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As monitored, shown below are the retail prices in Metro Manila beginning May 15, 2018. |
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| Products | Price Range | Common Price | |
| P/liter | |||
| Diesel | 40.25-46.33 | 41.70 | |
| Gasoline* | 49.25-59.26 | 55.12 | |
| LPG, P/11-kg cylinders | 544.00-754.00 | ||
| * RON 95 | |||
For more information, call the
Department of Energy
Pricing: 840-2187
LPG: 840-2130
Fuels: 840-5669
SMS: (0915) 4469421
Email: [email protected]
Website: https://www.doe.gov.ph