WORLD OIL PRICES (September 18-22 trading days)
Dubai crude increased week-on-week by almost US$1.50/bbl. MOPS diesel also increased by US$1.10/bbl contrary to gasoline that decreased by about US$0.15/bbl.
Reasons for the Adjustment
- The Asian gasoline market fundamentals were balanced, with demand and supply seen to be steady. The market is currently deriving some support from the ongoing good demand from the Middle East and from some recently added capacities.
- Fundamentals in the Asian gasoil market remained strong on rising regional demand. Demand from the fishing sector is expected to rise with the lifting of the seasonal fishing ban in the China seas.
- Tighter supply due to strong buying interest in recent weeks has helped support the Asian gasoil market. An open arbitrage from Asia and the Middle East to west of Suez has led to a further draw on stocks.
- US shale oil production will continue to grow in October, but should be only about 79,000 b/d -- down 32% from its projected growth for September -- according to figures released by the US Energy Information Administration.
- Iraq oil minister Jabbar al-Luaibi said that OPEC and non-OPEC ministers are considering various options to extend their crude oil output cut deal, which is due to end in March, including proposals for the cut to run through 2018, as well as a further 1% increase in cuts.
- Russian energy minister Alexander Novak noted that a monitoring committee will meet today in Vienna to discuss how to implement an export tracking mechanism, which in a way can bolster market confidence in the production cut agreement.
FOREX: Philippine peso appreciated against the US dollar by P0.05 to P51.01, 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 26 September 2017, most oil companies effected an increase of P0.45 for diesel and P0.65 for kerosene. There was no adjustment for gasoline.
Year-to-date, gasoline and diesel have respective net increase of P3.64 and P3.85 per liter. LPG remained with net increase of P5.68/kg.
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As monitored, shown below are the retail prices in Metro Manila beginning September |
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| Products | Price Range | Common Price | |
| P/liter | |||
| Diesel | 29.85-35.85 | 34.15 | |
| 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