WORLD OIL PRICES (March 11-15 trading days)
Dubai crude has increased week-on-week by almost US2.00 per barrel. MOPS gasoline and diesel have also increased, gasoline by around US$3.60 per barrel and diesel by nearly US$0.20 per barrel.
Reasons for the Adjustment
- Oil prices have surged to their highest level in months, with the US West Texas Intermediate rising above $58 per barrel and Brent trading north of $67.
- The instability in Venezuela and the growing evidence of a slowdown in US shale have pushed prices up.
- Fundamentals in the Asian gasoline market strengthened further at the end of the trading week as greater evidence of supply tightness emerged with news of refinery maintenance in the region.
- Japan's largest refiner JXTG Nippon Oil & Energy was heard to have shut its residue fluid catalytic cracker at its 129,000 b/d Chiba refinery on Thursday. The unit, which has been shut for a 31-day turnaround, is scheduled to restart on April 14.
- Petronas will be starting its scheduled maintenance program at its 125,300 b/d Kertih refinery in Terengganu, Malaysia, on March 20.
- State-owned Sinopec's plans to shut its Dongxing refinery at Zhanjiang in southern China's Guangdong province for a two-month maintenance starting July 3. It is expected to resume operations around September 3.
FOREX: Week-on-week value of Philippine Peso depreciated against the US dollar by P0.41 to P52.51, from P52.10 in the 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
Effective 19 March 2019, most of the oil companies implemented a per liter price increase of P1.45 for gasoline, P0.30 for diesel and P0.40 for kerosene.
Year-to-date adjustments stand at a net increase of P6.10/liter for gasoline, P4.65/liter for diesel and P3.45/liter for kerosene.
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As monitored, shown below are the retail prices in Metro Manila beginning March 19, 2019. |
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| Products | Price Range | Common Price | |
| P/liter | |||
| Gasoline (Ron91) | 48.75-56.66 | 55.21 | |
| Gasoline (Ron95) | 51.20-58.01 | 55.14 | |
| Gasoline (Ron97) | 49.75-60.19 | 57.14 | |
| Diesel | 40.20-45.50 | 43.64 | |
| Diesel PLUS | 42.30-49.72 | 45.64 | |
| Kerosene | 45.35-53.98 | 50.39 | |
| LPG, P/11-kg cylinder | 608.00-785.00 | ||
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