WORLD OIL PRICES (March 19-23, 2018 trading days)
Dubai crude increased week-on-week by about US$2.50 per barrel. Similarly, MOPS gasoline and diesel also increased during the period by nearly US$2.80 and US$2.70 per barrel, respectively.
Reasons for the Adjustment
- Crude oil prices rose sharply amid fears that rising tensions in the Middle East could hinder the security of the crude supply.
- Geophysical risk to crude output continued to support prices.
- Increasing possibility that the US could withdraw from the historic Iran nuclear deal
- Heightened worries that tensions between Iran and Saudi Arabia could revive.
- Falling output in Venezuela as the troubled country remains gripped in a political and economic crisis.
- The decline in crude oil inventories of 2.6 million barrels for the week to March 16, pushing up prices in concert with rising Middle Eastern tensions.
- The Asian gasoline market was largely unchanged, with supply/demand fundamentals and market indicators holding steady. Thus, it appears that the upward trend in gasoline prices in the region was largely influenced by events in the crude oil market and bullish signals from last week, when the US Energy Information Administration data showed a drawdown in US gasoline inventory.
- For the Asian gasoil/diesel, market fundamentals were largely unchanged. Ongoing refinery maintenance helped to cap supply, pushing prices higher, but exports out of China were expected to rise due to slow domestic demand.
FOREX: The value of Philippine peso per US dollar depreciated further by P0.11 to P52.15, from P52.04 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
Effective 27 March 2018, most of the oil companies increased their price of gasoline by P1.15/liter, diesel by P1.10/liter and kerosene P1.00/liter.
Year-to-date adjustment stands now net increase of P2.20/liter in gasoline P2.65/liter in diesel, and P2.35/liter in kerosene.
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As monitored, shown below are the retail prices in Metro Manila beginning March 27, 2018. |
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| Products | Price Range | Common Price | |
| P/liter | |||
| Diesel | 37.30-43.50 | 42.05 | |
| Gasoline* | 48.02-57.92 | 53.57 | |
| Kerosene | 43.97-54.15 | 47.99 | |
| * RON 95 | |||
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