WORLD OIL PRICES (May 13-17, 2019 trading days)
Dubai crude has increased week-on-week by about US$1.50 per barrel. MOPS gasoline and diesel have also increased per barrel by almost US$2.15 and US$1.55 respectively.
Reasons for the Adjustment
- A threat of tightening oil supplies led by geopolitical issues in the Gulf pushed oil prices up this week, after seeing consecutive declines over the past two weeks.
- Oil prices rose after top exporter Saudi Arabia said explosive-laden drones launched by a Yemeni-armed movement aligned to Iran had attacked facilities belonging to state oil company Aramco.
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Saudi Arabia said it has shut a key pipeline that connects production fields in the east to distribution on the Red Sea after what it called a "terrorist and sabotage act," in the latest sign of rising tensions in the Middle East.
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- Price surge came after Saudi Arabia accused Iran of ordering this week’s attack by Yemeni rebels on a key oil pipeline, stoking concerns that the world’s largest oil-producing region is edging toward another.
- Geopolitical tensions in the Persian Gulf can often cause oil prices to rise very quickly as they raise fears about the security of crude supplies coming out of the region, which supplies about half of the world's oil needs.
FOREX: Week-on-week value of Philippine Peso has depreciated against the US dollar by P0.35 to P52.42, from P52.07 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 21 May 2019, most of the oil companies implemented a per liter price increase of P0.90 for gasoline, P0.80 for diesel and P0.75 for kerosene.
Year-to-date adjustments stand at a net increase of P7.55/liter for gasoline, P6.20/liter for diesel and P4.60/liter for kerosene.
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As monitored, shown below are the retail prices in Metro Manila beginning May 21, 2019. |
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| Products | Price Range | Common Price | |
| P/liter | |||
| Gasoline (Ron97) | 51.20-63.16 | 56.74 | |
| Gasoline (Ron95) | 46.65-59.48 | 54.74 | |
| Gasoline (Ron91) | 46.15-58.11 | 53.74 | |
| Kerosene | 46.04-59.70 | 46.25 | |
| Diesel | 41.50-47.05 | 44.79 | |
| Diesel PLUS | 45.14-49.05 | 48.34 | |
| 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