Oil Monitor as of 12 March 2019

Date published: March 15, 2019

WORLD OIL PRICES  (March 4-8 trading days)

Dubai crude decreased week-on-week by less than ten cents per barrel.  MOPS gasoline increased by more than US$2.00 a barrel while diesel decreased by about US$0.50 per barrel.

Reasons for the Adjustment

  • Crude oil prices remain supported by OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran, but gains were capped by falling stock markets and renewed concerns over demand growth.
    • Prices were also pressured by concerns surrounding Europe’s economy.  To stimulate a struggling euro zone economy, the European Central Bank pushed out the timing of its first post-crisis rate hike to next year and offered banks new rounds of multi-year cash.
  • However, crude oil supply remains plentiful due to surging U.S. production. U.S. crude oil production was at a record 12.1 million bpd last week.
  • Gasoline: The Asian gasoline market continued to rally on strengthened fundamentals.  In addition to the refinery turnarounds in the region, demand from Malaysia and Indonesia remained strong.  The price rally could be sustained as supply gets tighter in the region coupled with healthy demand.
  • US gasoline stocks in the week ending March 1 posted its third week on week decline, sliding by 1.7% from the previous week to 250.714 million barrels, the US Energy Information Administration data released Wednesday showed.
  • Diesel:  The Asian gasoil/diesel market has been moving downwards this week. Sentiments seemingly softer on the back of more supplies being seen in the region due to unworkable arbitrage economics, which resulted in supplies being closed within the region. Another reason was that some refiners had pushed forward turnaround schedules, leading to more supplies. 

FOREX:   Week-on-week value of Philippine Peso depreciated against the US dollar by P0.21 to P52.10, from P51.90 in the previous week.   

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DOMESTIC OIL PRICES      

Effective  12 March 2019, most of the oil companies implemented a price increase of P0.90/liter for gasoline.  There were no movements in the prices of diesel and gasoline.

Year-to-date adjustments stand at a net increase of P4.65/liter for gasoline.  Diesel and kerosene remained at net increase of P4.35/liter and P3.05/liter, respectively.

As monitored, shown below are the retail prices in Metro Manila beginning March 12, 2019.
Products Price Range Common Price
P/liter
Gasoline (Ron91)  45.25-52.31 50.84
Gasoline (Ron95)  48.99-57.71 53.69
Gasoline (Ron97)  46.25-60.89 55.69
Diesel 41.40-46.13 43.34
Diesel PLUS 43.05-50.23 46.23
Kerosene 44.90-53.45 50.74
LPG, P/11-kg cylinder 576.00-755.00  

 

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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