WORLD OIL PRICES (April 29 - May 3 trading days)
Dubai crude has decreased week-on-week by more than US$2.70 per barrel. MOPS gasoline and diesel have also decreased per barrel by around US$2.55 and US$2.00 respectively.
Reasons for the Adjustment
- Oil prices fell on Thursday, pulled down by record U.S. crude production that led to a surge in stockpiles as U.S. refineries head into the spring maintenance period, stoking fears that crude oil demand will be soft and stockpiles will continue to rise.
- Any residual bullish sentiment eroded as robust U.S. crude stockpiles indicated that the market was well supplied.
- The market grappled with oversupply fears as increased U.S. sanctions on Iran had more gradual impact than expected and U.S. crude oil inventories rose sharply. Market sentiment became more bearish as shifting U.S. policy on Iran had less immediate impact than initially feared, analysts said.
- A top Iranian industry official said Friday that Iran plans to develop its petrochemical industry so that it can process more of its crude, NGLs and natural gas.
- While the tightening of sanctions on Iran will remove a further layer of incremental global supply, Saudi Arabia, and the UAE have indicated they will balance the market.
FOREX: Week-on-week value of Philippine Peso has appreciated against the US dollar by P0.11 to P51.99, from P52.10 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 07 May 2019, most of the oil companies implemented a per liter price decrease of P0.90 for gasoline and P0.80 for diesel and kerosene.
Year-to-date adjustments stand at a net increase of P7.90/liter for gasoline, P5.40/liter for diesel and P4.15/liter for kerosene.
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As monitored, shown below are the retail prices in Metro Manila beginning May 07, 2019. |
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| Products | Price Range | Common Price | |
| P/liter | |||
| Gasoline (Ron97) | 51.55-63.51 | 58.94 | |
| Gasoline (Ron95) | 52.85-59.81 | 57.14 | |
| Gasoline (Ron91) | 50.55-58.46 | 54.09 | |
| Kerosene | 45.59-55.80 | 49.72 | |
| 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