WORLD OIL PRICES (January 9-13, 2017 trading days)
Statements coming from Saudi Arabia were observed to have been affecting the market during the week. Oil was down earlier in the week on Khalid Al-Falih’s comments that there would be no extension of the OPEC deal beyond June, but turned positive later in the week, following reports that OPEC as a whole would adhere to its deal.
Saudi Arabia has reportedly cut term allocations to Petronas and other Asian refiners, as part of their efforts to comply with its commitment to reduce output. Russia also begun reducing its production levels more than expected starting January, partly due to cold weather and also to comply with its commitment with other major producers.
While optimism that OPEC-led production cuts will tighten the global oil balance, prices were weighed down by several factors, i.e. (1) earlier reports of record-high exports from Iraq's southern crude terminals; (2) US inventory stocks build-up of crude, gasoline and distillate fuels; and (3) increasing number of US crude oil drilling rigs in 10 straight weeks.
In Asia, Platts noticed a fairly stable gasoline market as fundamentals remained firm, supported partly by robust NYMEX RBOB cracks and regional refinery issues. On the other hand, near-term outlook for the Asian gasoil was positive as demand for all sulfur grades prevailed. Supply in the region was relatively tight, coupled with fresh spot demand cargoes from Indonesia and India.
Overall, Dubai crude decreased week-on-week by about a dollar. MOPS gasoline and diesel decreased as well by about US$1.50 and US$1.20 per barrel.
FOREX: Philippine peso appreciated by P0.05 against the US dollar to P49.58/US$, from P49.63 last week.
Other recommended reference site:
- http://www.aip.com.au/pricing
- http://www.indexmundi.com/commodities/?commodity=crude-oil-dubai
- http://www.quandl.com/data/ODA/POILDUB_USD-Dubai-Crude-Oil-Price
DOMESTIC OIL PRICES
Effective 17 January 2016, the oil companies implemented price rollbacks of P0.20-0.30 per liter in gasoline, P0.35/liter in diesel and P0.40/liter in kerosene.
Year-to-date adjustments are net increase of P0.44/liter in gasoline and P0.35/liter in diesel. LPG increased this month by P4.15/kg.
|
As monitored, shown below are the retail prices in Metro Manila beginning 17 January 2017. |
|||
| Products | Price Range | Common Price | |
| P/liter | |||
| Diesel | 27.60-33.55 | 30.65 | |
| Gasoline* | 36.34-48.44 | 46.16 | |
| LPG, P/11-kg cylinders | 471.00-690.00 | ||
* 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: http://www.doe.gov.ph