WORLD OIL PRICES (October 09-13 trading days)  

Dubai crude decreased week-on-week by US$0.03/bbl. MOPS diesel also increased by about US$0.40/bbl contrary to gasoline that increased by US$0.15/bbl.

Reasons for the Adjustment

• Crude demand in the region was largely met by supply.
• Asian gasoline market remained steady and will likely minimize the usual fourth quarter price downtrend due to an anticipated supply squeeze from China and relatively strong demand in the region.
• Demand for medium sulfur gasoil cargoes was starting to regain traction, providing some support to sentiment. Also, refining in the US was heard to be ramping up after recent disruptions due to hurricanes, easing supply concerns.
• OPEC Secretary General Mohammad Barkindo stressed that efforts is underway to rebalance the global oil market. OPEC and non-member state producers started cutting crude oil production in January in an effort to draw the five-year average for global crude oil inventories back to even after years of chronic oversupply.
• OPEC analysts are confident of their oil market rebalancing efforts, raising their forecasts for 2017 and 2018 global demand, while lowering projections for supply.

FOREX: Philippine peso depreciated against the US dollar by P0.30 to P51.36, from P51.06 in 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 17 October 2017, oil companies implemented an increase of P0.20/liter for gasoline and a decrease of P0.40/liter for diesel.

Year-to-date total adjustments are at net increase P3.59 in gasoline and P4.00 in diesel. LPG remained having a net increase of P10.58/kg.

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