Oil Monitor as of 30 April 2019

Date published: April 30, 2019

WORLD OIL PRICES  (April 22-26 trading days)

Dubai crude  has  increased week-on-week by almost   US$3.00 per barrel.  MOPS   gasoline and diesel have also increased  per barrel by  around  US$1.50  and  US$1.55 respectively. 

Reasons for the Adjustment

  • Oil markets remain tight amid supply disruptions and rising geopolitical concerns, especially over the tensions between the United States and Iran.
  • US announcement that it won’t renew waivers for countries to import Iranian crude after May 2. Yet, questions remain as to the ultimate impact, given that Iran is threatening retaliation, China is declaring its right to purchase, and Saudi Arabia is taking a cautious approach on raising its own output.  These raised worries on tighter global oil supplies, especially after the United States demanded countries to halt oil imports from Tehran from May or face punitive action from Washington.
    • The U.S. decision try to bring down Iran oil exports to zero comes amid supply cuts led by producer Organization of the Petroleum Exporting Countries (OPEC) aimed at propping up prices.
  • Sentiments in the Asian gasoline market were steady towards the end of the week as healthy demand and tight supply buoyed regional fundamentals due to volatile movements on crude price. The tightening of supply was also seen with the lower inventory levels in the US and the Middle East.

FOREX:  Week-on-week  value of Philippine Peso has depreciated  against the  US dollar  by    P0.36  to P52.10, from P51.74  in the previous week.   

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DOMESTIC OIL PRICES      

Effective 30 April 2019, most of the oil companies implemented a per liter price increase of P0.75 for gasoline, P0.80 for diesel and P0.90 kerosene.

Year-to-date adjustments stand at a net increase of P8.80/liter for gasoline, P6.20/liter for diesel and P4.95/liter for kerosene.

As monitored, shown below are the retail prices in Metro Manila beginning April 30, 2019.
Products Price Range Common Price
P/liter
Gasoline (Ron97)  52.04-64.41 59.84
Gasoline (Ron95)  53.75-60.71 57.84
Gasoline (Ron91)  52.20-59.36 54.99
Kerosene 46.39-56.60 50.52
Diesel 42.74-47.05 44.79
Diesel PLUS 45.82-50.50 48.34
LPG, P/11-kg cylinder 615.00-800.00  

 

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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