WORLD OIL PRICES (September 11-15 trading days)
Dubai crude increased week-on-week by more than US$0.80/bbl. On the contrary, MOPS gasoline and diesel both decreased by about US$0.15/bbl.
Reasons for the Adjustment
- Oil prices dropped Monday on concerns that hurricane Irma can effect a dent in US oil demand.
- Asian gasoline market continued to soften with future spreads and cracks on a downtrend. Weekly US EIA data released showed that stocks of US gasoline stocks fell due to problematic weather in the US and Mexico.
- Gasoil stocks in the West, Amsterdam-Rotterdam-Antwerp hub dropped by 3.9% in the week ended Wednesday, following disruptions to US Gulf Coast refining.
- Asian gasoil market lifted Thursday, driven by arbitrage opening to move surplus barrels from Asia and the Middle East to West of Suez, coupled with robust demand.
- The uptrend is also due to large drawdown of barrels from the Middle East moving to Europe to backfill inventories following healthy flows of European gasoil barrels to the US in response to shortages in the wake of hurricanerelated refinery and port disruptions.
- Regional gasoil demand from the downstream agriculture and industrial sectors was expected to increase following the end of the rainy season. Requirements from the fishing sector were also expected to rise with the lifting of the seasonal fishing ban in the China Seas.
- By Friday, sentiments remained strong amid high regional demand
FOREX: Philippine peso depreciated against the US dollar by P0.02 to P51.06, from P51.04 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
There was no movement in the price of petroleum products this the week.
Year-to-date adjustments of gasoline and diesel remained at net increase of P3.64/liter and P3.40/liter, respectively. LPG has a net increase of P5.68/kg.
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As monitored, shown below are the retail prices in Metro Manila beginning 19 September 2017. |
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| Products | Price Range | Common Price | |
| P/liter | |||
| Diesel | 29.40-35.40 | 33.70 | |
| Gasoline* | 40.80-50.99 | 47.10 | |
| LPG, P/11-kg cylinders | 470.00-720.00 | ||
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* RON 95 |
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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