Oil Monitor as of 14 May 2019

Date published: May 14, 2019

WORLD OIL PRICES  (May 6-10,  2019 trading days)

Dubai crude  has   decreased week-on-week by almost   US$1.45 per barrel.  MOPS     gasoline and diesel have also decreased per barrel by around US$4.10 and US$0.30 respectively.

Reasons for the Adjustment

  • Oil prices saw declines at trading start on Thursday due to heightened trade tensions between the U.S. and China, raising the possibility of a global economic slowdown and overall weaker oil demand.

    • The trade pressures between the world's two largest economies increased as U.S. President Donald Trump claimed that China "broke the deal".

    • Trade strains have completely offset the concerns of tightening market due to Organization of the Petroleum Exporting Countries (OPEC)-led cuts and US sanctions on Iran and Venezuela. On the other hand, the Energy Information Administration announced a four million drop in US crude inventories, which restricted oil prices from falling further.

  • Oil prices were mostly steady on Friday, ending the week slightly lower as trade tensions stoked by a U.S. move to hike tariffs on Chinese goods overshadowed tightened global supplies and expectations of rising U.S. refining demand.
  • Tensions will likely be high at the next OPEC meeting at the end of June in Vienna.

FOREX:  Week-on-week value of Philippine Peso has depreciated against the US dollar by P0.08 to P52.07, from P51.99 in the previous week.

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DOMESTIC OIL PRICES      

Effective 14 May  2019, most of the oil companies implemented a per liter price decrease of P1.25 for gasoline and P0.30  for  kerosene. There was no  price movements effected on diesel.

Year-to-date adjustments stand at a net increase of P6.65/liter for gasoline, P5.40/liter for diesel and P3.85/liter for kerosene.

As monitored, shown below are the retail prices in Metro Manila beginning May 14, 2019.
Products Price Range Common Price
P/liter
Gasoline (Ron97)  50.30-62.26 57.69
Gasoline (Ron95)  51.60-58.56 55.89
Gasoline (Ron91)  49.30-57.21 52.84
Kerosene 45.29-55.50 49.42
Diesel 41.05-46.25 45.54
Diesel PLUS 45.02-48.45 47.54
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

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