Oil Monitor as of 11 June 2019

Date published: June 17, 2019

WORLD OIL PRICES  (June 3-7, 2019  trading days)

Dubai crude  has  decreased  week-on-week by almost  US$6.50 per barrel.  MOPS   gasoline and diesel have also decreased, gasoline by around  US$6.80 per barrel and  diesel  by nearly US$7.00 per barrel.

Reasons for the Adjustment

  • Oil remained bearish on Thursday morning in Asia as the U.S. reported record inventories, while demand continues to be threatened by economic slowdown and trade disputes. 

  • Sentiment in the Asian gasoline market remained in the doldrums Friday, with sources expecting further weakness in the near term as prompt demand faded amid abundant regional supply.

  • Weak regional fundamentals and a depressed crude complex clouded sentiment among Asian gasoline market participants Thursday. The physical market is still heavy on the supply side; more supply was seen from China.

  • The Asian gasoil market continued to be bearish on the back of strong supplies and poor buying interest for the middle distillate. A regional trader said that demand isn't that great for the time being.

  • The Asian gasoil market remained weak as rising supply and lackluster demand continued to weigh on sentiment.

  • The Organization of the Petroleum Exporting Countries (OPEC) and some non-affiliated producers including Russia, have been curbing oil supply since the start of the year to shore up the market. The group will decide later this month or in early July whether to continue withholding production.

FOREX:  Week-on-week value of Philippine Peso appreciated against the US dollar by P0.43 to P51.83, from P52.26  in the previous week. 

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DOMESTIC OIL PRICES      

Effective 11 June 2019, most of the oil companies implemented a per liter price decrease of P2.45 for gasoline, P2.70 for diesel and P2.60 for kerosene.

Year-to-date adjustments stand at a net increase of P3.05/liter for gasoline, P2.00/liter for diesel and P0.40/liter for kerosene.

As monitored, shown below are the retail prices in Metro Manila beginning June 11, 2019.
Products Price Range Common Price
P/liter
Gasoline (Ron97)  46.99-57.81 52.24
Gasoline (Ron95)  44.00-55.15 50.24
Gasoline (Ron91)  43.45-53.22 49.24
Kerosene 42.25-52.05 45.69
Diesel 38.70-43.90 40.59
Diesel PLUS 41.99-46.10 44.14
LPG, P/11-kg cylinder 539.25-716.25  

Note: Please note that these are estimated price based on last week actual price monitoring. Please visit the Price Watch Section of our website for the updated actual common price for this week price adjustment, posted upon complete monitoring.

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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