Oil Monitor as of 02 April 2019

Date published: April 2, 2019

WORLD OIL PRICES  (March 25-29 trading days)

Dubai crude  has  decreased week-on-week by almost   US0.75 per barrel.  MOPS   gasoline and diesel have also decreased  gasoline by  around  US$0.05  per barrel and  diesel by nearly  US$0.80 per barrel. 

Reasons for the Adjustment

  • Oil prices remain supported by efforts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia to trim output, as well as plummeting Venezuelan output.
  • It was somehow compensated this week by the increase in U.S. crude inventories (week ending March 22) by 2.8 million barrels.  Analysts expected for a decrease of 1.2 million barrels. (US-EIA)
    • Stockbuild was partly caused by a petrochemical tank fire and chemical spill last week along the Houston Ship Channel that hampered US crude exports for several days.
    • Crude exports fell by 506,000 barrels per day (US-EIA)
  • Worries about oil demand have also limited oil price rally as manufacturing data from Asia, Europe and the United States pointed to an economic slowdown.
  • Gasoline: Platts said, the gasoline market is currently under a short-term correction, which is natural given the sharp increases over the past few weeks, but it is expected to recover due to coming driving season that will provide a boost to demand.
    • Earlier rally was backed by indicators of tightened regional supply as several refineries are going into maintenance/turnarounds.

FOREX:   Week-on-week value of Philippine Peso has appreciated  against the  US dollar by P0.15 to P52.59, from P52.74 in the previous week.   

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DOMESTIC OIL PRICES      

Effective 02 April 2019, most of the oil companies implemented a per liter  price decrease of P0.10 for gasoline, P0.30 for diesel and P0.20 for kerosene.

Year-to-date adjustments stand at a net increase of P6.65/liter for gasoline, P4.45/liter for diesel and P3.35/liter for kerosene.

As monitored, shown below are the retail prices in Metro Manila beginning April 02, 2019.
Products Price Range Common Price
P/liter
Gasoline (Ron91)  48.50-57.21 52.84
Gasoline (Ron95)  49.50-60.61 55.69
Gasoline (Ron97)  50.30-62.44 57.69
Diesel 40.10-46.45 43.44
Diesel PLUS 42.10-48.75 46.59
Kerosene 45.20-55.00 40.92
LPG, P/11-kg cylinder 621.00-798.00  

 

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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