Oil Monitor as of 16 April 2019

Date published: April 16, 2019

WORLD OIL PRICES  (April 8-12 trading days)

Dubai crude has increased week-on-week by almost US1.60 per barrel. MOPS gasoline and diesel have also increased  per barrel by  around US$3.30 and US$2.45 respectively. 

Reasons for the Adjustment

  • Oil prices on Friday surge as involuntary supply cuts from Venezuela and Iran plus conflict in Libya supported perceptions of a tightening crude market, while upbeat Chinese economic data eased concerns about declining crude demand.
    • Chairman of the country’s National Oil Corporation Mustafa Sanalla told the Financial Times that Libya’s energy industry faces the worst threat since the 2011 civil war following the latest outbreak of fighting.
  • Some  Analysts have pointed differences in Russian and Saudi Arabian statements on future decisions within the OPEC/non-OPEC production cut deal recently.
    • President Vladimir Putin said that Russia is ready to continue cooperating with OPEC, but did not give any clear indication of whether it would support an extension, or seek to amend the current OPEC/non-OPEC production cut deal in June.
    • Saudi energy minister Khalid al-Falih has said that his preference would be to continue the cuts beyond their June expiry. 
  • The current agreement exempts Venezuela, Iran and Libya from output reductions.

FOREX:  Week-on-week value of Philippine Peso has appreciated against the US dollar by P0.32  to P51.99, from P52.32  in the previous week.   

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DOMESTIC OIL PRICES      

Effective 16  April 2019, most of the oil companies implemented a per liter price increase of P1.05 for gasoline, P0.75 for diesel and P0.60 for kerosene.

Year-to-date adjustments stand at a net increase of P7.95/liter for gasoline, P5.40/liter for diesel and P4.05/liter for kerosene.

As monitored, shown below are the retail prices in Metro Manila beginning April 16, 2019.
Products Price Range Common Price
P/liter
Gasoline (Ron97)  52.40-63.62 58.99
Gasoline (Ron95)  52.90-59.86 54.55
Gasoline (Ron91)  51.39-58.51 54.14
Kerosene 45.49-55.70 49.62
Diesel 41.94-46.25 44.65
Diesel PLUS 45.02-49.70 47.54
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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