WORLD OIL PRICES (May 27-31, 2019 trading days)
Dubai crude has decreased week-on-week by almost US$2.35 per barrel. MOPS gasoline and diesel have also decreased, gasoline by nearly US$4.70 per barrel and diesel by around US$2.70 per barrel.
Reasons for the Adjustment
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CRUDE OIL
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Crude oil prices continue to receive support from supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and other allied countries. Reduced production and exports from Iran and Venezuela also add up to overall supply tightness.
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However, concerns over trade dispute between the US and China that may lead to an economic slowdown and reduced fuel consumption outweigh supply concerns.
- GASOLINE AND DIESEL
- Ample supply of gasoline in Asia and Middle East
- Supply in Singapore was up in week-ended May 26, almost five times higher than the 61,007 mt reported in the previous week -Enterprise Singapore reported.
- US-EIA data also revealed that gasoline inventories climbed by 2.2 million barrels, while distillate stockpiles fell by 1.6 million barrels last week.
- Asian gasoil market relatively stable in view of steady demand and supply fundamentals. Pockets of demand from India emerged, as state-owned refineries being shut for maintenance.
FOREX: Week-on-week value of Philippine Peso appreciated against the US dollar by P0.26 to P52.26, from P52.51 in the previous week.
Other recommended reference sites:
- http://www.aip.com.au/pricing
- http://www.indexmundi.com/commodities/?commodity=crude-oil-dubai
- https://www.quandl.com/data/ODA/POILDUB_USD-Dubai-Crude-Oil-Price
DOMESTIC OIL PRICES
Effective 04 June 2019, most of the oil companies implemented a per liter price decrease of P1.70 for gasoline,P1.05 for diesel and P1.00 for kerosene.
Year-to-date adjustments stand at a net increase of P5.50/liter for gasoline, P4.70/liter for diesel and P3.00/liter for kerosene.
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As monitored, shown below are the retail prices in Metro Manila beginning June 04, 2019. |
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| Products | Price Range | Common Price | |
| P/liter | |||
| Gasoline (Ron97) | 49.15-55.73 | 54.69 | |
| Gasoline (Ron95) | 46.45-57.41 | 54.54 | |
| Gasoline (Ron91) | 45.90-56.07 | 51.69 | |
| Kerosene | 45.12-56.45 | 48.57 | |
| Diesel | 40.35-45.55 | 43.29 | |
| Diesel PLUS | 43.64-47.75 | 46.84 | |
| LPG, P/11-kg cylinder | 539.25-716.25 | ||
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