Oil Monitor as of 01 October 2019

Date published: October 2, 2019

WORLD OIL PRICES  (September 23-27, 2019 trading days)

Dubai crude has decreased week-on-week by almost US$2.00 per barrel. MOPS gasoline and diesel have also decreased, gasoline by around US$4.40 per barrel and diesel by nearly US$1.90 per barrel.

Reasons for the Adjustment

  • Crude prices have given up much of the gains seen following the September 14 attacks on Saudi oil facilities.

    • Saudi Arabia has continued to send a bullish message on the progress of repairs, sticking to an aggressive timeline to restore product capacity to 11 million barrels per day (MMB/D)by end-September and fully to 12 MMB/D by endNovember.

  • Crude futures were little changed mid-week as traders remained focused on an impeachment inquiry into US President Donald Trump, and awaited updates on Saudi Arabian oil-production capacity.

    • The market was watching for updates on the impeachment inquiry into US President Donald Trump over his dealings with Ukraine.

    • The political battle has come amid concerns about slowing economic growth, stemming largely from the ongoing US-China trade dispute.

  • Crude futures continued to fall as the week ended, as traders awaited an update on the return of Saudi Arabia's crude production capacity, and digested an inventory build reported by the US Energy Information Administration.

  • Gasoline cooled from highs seen last week in the aftermath of recent events in Saudi Arabia.

  • Concerns over Asian gasoil re-supply going forward remained at the top of traders' minds in Asia, as limited spot barrels point to Singapore, amid lingering concerns over geopolitical tensions in the Middle East.

FOREX:  Week-on-week value of Philippine Peso appreciated against the US dollar by P0.10 to P52.14, from P52.25 in the previous week.

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DOMESTIC OIL PRICES      

Effective September 29 and October 1, 2019, most of the oil companies implemented a price decrease of P1.45-P1.55/liter for gasoline, P0.50-P0.70/liter for diesel and P1.00/liter for kerosene.

Year-to-date adjustments stand at a net increase of P6.41/liter for gasoline, P5.22/liter for diesel and P2.76/liter for kerosene.

For the updated prevailing retail pump price, please browse this link: https://www.doe.gov.ph/price-monitoring-charts?q=retail-pump-prices-metro-manila

For more information, call the

Department of Energy
Pricing: 840-2187
LPG: 840-2130
Fuels: 840-5669
SMS: (0915) 4469421
Email: oilmonitor@doe.gov.ph
Website: https://www.doe.gov.ph

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