WORLD OIL PRICES (May 20-24, 2019 trading days)
Dubai crude has decreased week-on-week by around US$1.40 per barrel. MOPS gasoline and diesel have also decreased per barrel by almost US$1.30 and nearly US$1.60 respectively.
Reasons for the Adjustment
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Oil prices fell on Thursday as trade tensions dampened the demand outlook putting the crude benchmarks on course for their biggest daily and weekly falls in six months.
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Global markets concerns grew on China-U.S. trade conflict was fast turning into a technology cold war between the world’s two largest economies.
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- The weakening outlook for global growth may continue to drag on the price of crude amid the ongoing trade dispute between the U.S. and China, the two largest consumers of oil.
- Oil prices rebounded on Friday but not enough to erase the decline seen on Thursday. Still, oil surplus weighs on prices in worst week of 2019. Oil price volatility had been rather subdued this year. The decline in prices and the renewed bearishness undercuts the rationale for OPEC+ to increase production.
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While the trade war is the main cloud over economic growth and demand predictions, market participants also pointed to weakening U.S. data and overfull U.S. crude stockpiles.
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FOREX: Week-on-week valueof Philippine Peso has depreciatedagainst the US dollar by P0.09 to P52.51, from P 52.42 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 28 May 2019, most of the oil companies implemented a per liter price decrease of P0.35 for gasoline, P0.45 for diesel and P0.60 for kerosene.
Year-to-date adjustments stand at a net increase of P7.20/liter for gasoline, P5.75/liter for diesel and P4.00/liter for kerosene.
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As monitored, shown below are the retail prices in Metro Manila beginning May 28 2019. |
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| Products | Price Range | Common Price | |
| P/liter | |||
| Gasoline (Ron97) | 50.85-61.96 | 59.04 | |
| Gasoline (Ron95) | 48.15-61.01 | 54.39 | |
| Gasoline (Ron91) | 47.54-58.44 | 53.39 | |
| Kerosene | 47.92-55.65 | 49.62 | |
| Diesel | 41.10-48.14 | 44.79 | |
| Diesel PLUS | 44.69-49.74 | 48.29 | |
| LPG, P/11-kg cylinder | 613.00-798.00 | ||
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