Oil Monitor as of 10 April 2019

Date published: April 10, 2019

WORLD OIL PRICES  (April 1-5 trading days)

Dubai crude  has  increased week-on-week by almost   US1.85 per barrel.  MOPS   gasoline and diesel have also increased  per barrel by  around  US$1.00  and  US$0.90 respectively.

Reasons for the Adjustment

  • Crude oil prices in the international market witnessed a robust leap, hitting the $70 dollar mark on Thursday, amidst expectations of a tight global supply despite pressures arising from increasingly rising U.S production.  
    • Brent futures went up by 69 cents, to $70.01 a barrel around, touching its highest since November 12, when it last traded above $70.
  • OPEC and producer allies such as Russia, known as OPEC+, agreed to cut output by 1.2 million barrels per day (bpd) to prevent a supply overhang from growing.
    • US sanctions on Iranian and Venezuelan crude.
    • Supply concerns and worries about progress in US-China trade talks.
      • US President Donald Trump said on Thursday a trade deal with China was getting close and could be reached in about four weeks, sticking points on tariffs and intellectual property theft.
    • US crude oil stockpiles soared unexpectedly last week as imports climbed and production edged higher to a new record, the EIA said on Wednesday.
  • Traders noted evidence of tightened global supply on gasoline as inventories in the US and Middle East were seen lower.
    • US gasoline stocks slid for the seventh consecutive week, 0.75% lower week on week to a total 236.839 million barrels in the week ending March 29, data released Wednesday by the US EIA data showed.

FOREX:   Week-on-week value of Philippine Peso has appreciated against the US dollar by P0.29  to P52.30, from P52.59 in the previous week.

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DOMESTIC OIL PRICES      

Effective 09 April 2019, most of the oil companies implemented a per liter price increase of P0.25  for gasoline, P0.20 for diesel and P0.10 for kerosene.

Year-to-date adjustments stand at a net increase of P6.90/liter for gasoline, P4.65/liter for diesel and P3.45/liter for kerosene.

As monitored, shown below are the retail prices in Metro Manila beginning April 09, 2019.
Products Price Range Common Price
P/liter
Gasoline (Ron97)  51.35-62.51 57.94
Gasoline (Ron95)  51.85-60.86 55.94
Gasoline (Ron91)  50.44-57.46 53.29
Kerosene 44.23-55.10 49.02
Diesel 41.19-45.60 43.64
Diesel PLUS 42.30-48.95 46.79
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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