Oil Monitor as of 20 August 2019

Date published: August 20, 2019

WORLD OIL PRICES  (August 12-16, 2019 trading days)

Dubai crude has increased week-on-week by around US$0.20 per barrel. MOPS gasoline and diesel have also increased, gasoline by almost US$0.70 per barrel and diesel by nearly US$0.98 per barrel.

Reasons for the Adjustment

  • Serious escalation of trade tensions between the US and China weakened oil demand growth and weigh heavily on oil prices.

  • Oil prices increased more than two dollars following the thaw in trade tensions between the US and China.

    • US Trade Representative's office announced that several products will be removed from the list of goods to be subjected with a 10% tariff.

    • Moving back, as previously set, the start date for the latest round of tariffs to December 15 from September 1.

  • The suspension of several refinery plant operations in eastern China's Shandong province due to typhoon Lekima supported higher prices in the mid-week..

  • Crude oil prices rose more than 2% on Friday, recovering from two days of declines after data showing a rise in US retail sales helped to ease concerns about a recession in the world's biggest economy. 

  • World stocks also rose on Friday as expectations grew for further stimulus by central banks, offsetting worries about slowing economic growth.

  • Bullish sentiment prevailed in the Asian gasoline market Friday as participants shrugged off increased volatility in international markets in light of firm Asian fundamentals.

FOREX:  Week-on-week value of Philippine Peso depreciated against the US dollar by P0.33 to P52.34, from P52.01 in the previous week.

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DOMESTIC OIL PRICES      

Effective 20 August 2019, most of the oil companies implemented a price increase of P0.35-P0.50/liter for gasoline, P0.60-P0.75/liter diesel and P0.45-P0.50/liter for kerosene.

Year-to-date adjustments stand at a net increase of P4.85/liter for gasoline, P3.45/liter for diesel and P1.30/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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