WORLD OIL PRICES (October 22-26, 2018 trading days)
Dubai crude has decreased week-on-week by almost US$2.70 per barrel. MOPS gasoline and diesel have also decreased per barrel by around US$4.10 and US$ 1.20 respectively.
Reasons for the Adjustment (Rollbacks)
- Crude fell to its lowest since late August on Wednesday, pressured by concern that demand is weakening and supply is ample even as U.S. sanctions loom on oil exporter Iran. It is a sign that supply is plentiful.
- US crude supply expanded by 6.35 million barrels during the week ended October 19, moving inventories to 422.79 million barrels, according to US Energy Information Administration data.
- Oil prices drop Thursday driven by a slump in global stocks market with U.S stocks seeing the biggest drop since 2011. However, oil market remained tense ahead of US sanction against Iran crude shipments, which are due to effect on November 4, 2018.
- Global supplies appear to be adequate and inventories are rising in some regions, particularly in the US, where oil production is near a record high.
- Oil prices fell again for a third weekly loss as Saudi Arabia’s OPEC governor said the market may become oversupplied soon, especially after a slump in global equities that clouded the demand outlook.
FOREX: Week-on-week value of Philippine Peso appreciated against the US dollar by P0.22 to P53.77, from P53.99 in previous 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
Some oil companies started implementing price rollbacks on 27 October 2018 while others followed on the 28th and 29th of October. Rollbacks ranges from P1.50 to P1.65 per liter for gasoline, P0.60/liter for diesel and P0.65/liter for kerosene.
Year-to-date adjustments are now at net increase of P7.20/liter for gasoline, P10.00/liter for diesel and P8.95/liter for kerosene.
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As monitored, shown below are the retail prices in Metro Manila beginning October 29, 2018. |
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| Products | Price Range | Common Price | |
| P/liter | |||
| Gasoline (Ron91) | 48.65-58.62 | 55.50 | |
| Gasoline (Ron95) | 49.75-60.07 | 57.50 | |
| Gasoline (Ron97) | 49.65-63.15 | 57.30 | |
| Diesel | 44.45-49.69 | 46.50 | |
| Diesel PLUS | 47.48-53.09 | 49.80 | |
| Kerosene | 49.42-59.50 | 55.67 | |
| LPG, P/11-kg cylinders | 650.00-865.00 | ||
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