WORLD OIL PRICES (December 12-16, 2016 trading days)
The trading week started with prices posting about US$3 higher than previous week, as the OPEC and non-OPEC members started informing their customers about possible cuts in the coming months.
Abu Dhabi (UAE) informed its customers that it will cut crude supplies by 3-5 percent across its three export grades. Saudi Aramco also told its U.S. and European customers that it will reduce oil deliveries starting January. Russia also reiterated that it would gradually cut 300,000 bpd starting January.
However, oil prices turned slowly lower through the week following the International Energy Agency (IEA) report that OPEC November crude output rose by 300,000 b/d to a record 34.2 million b/d. The US dollar appreciation, after Fed raised interest rates a quarter-point, also added pressure on oil prices. Higher dollars makes oil expensive for countries using other currencies.
Moreover, the US-EIA disclosed the US crude inventories at the Cushing, Oklahoma hub rose for the sixth time in seven weeks, giving renewed concerns about a supply glut.
The Asian gasoline market stayed elevated Friday, drawing support from strong NYMEX RBOB cracks. On the other hand, the emergence of more demand provided further reprieve to the oversupplied Asian gasoil market.
Overall, Dubai crude increased week-on-week by more than a dollar. MOPS gasoline increased as well by US$1.00 along with diesel by almost US$2/bbl.
FOREX: Philippine peso depreciated by P0.15 against the US dollar to P49.84/US$, from P49.69 last week.
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DOMESTIC OIL PRICES
Effective today, 20 December 2016, the oil companies implemented an increase of P0.40/liter in gasoline, P0.70/liter in diesel and P0.65/liter in kerosene.
These price movements brought corresponding increase in the year-to-date adjustment in gasoline to P7.04/liter and diesel to P8.58/liter.
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As monitored, shown below are the retail prices in Metro Manila beginning 20 December 2016. |
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| Products | Price Range | Common Price | |
| P/liter | |||
| Diesel | 28.00-32.95 | 30.05 | |
| Gasoline* | 36.40-47.40 | 45.48 | |
| LPG, P/11-kg cylinders | 425.00-656.00 | ||
* 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