Oil Monitor as of 26 March 2019

Date published: March 26, 2019

WORLD OIL PRICES  (March 18-22 trading days)

Dubai crude  has   increased week-on-week by around US0.25 per barrel. MOPS gasoline has also increased by almost US$1.70 per barrel while diesel has decreased by nearly  US$0.16 per barrel. 

Reasons for the Adjustment

  • Oil prices climbed   to settle at their highest in four months after U.S.  government data revealed a nearly 10 million-barrel weekly drop in domestic crude inventories, along with hefty declines in both gasoline and distillate stockpiles.
  • Crude has rallied more than 30 percent to start the year as output reductions by the OPEC and its partners, as well as supply disruptions in Venezuela and Iran, countered growing American shale production. Still, the gains have been checked by concerns that a slowing global economy and a protracted trade dispute between the US and China will impede fuel consumption. 
  • Oil prices on Friday hovered close to 2019 peaks reached the previous day, propped up by supply cuts led by producer club OPEC and by U.S. sanctions against Iran and Venezuela. 
    • Prices have been propped up by supply cuts by the OPEC and non-affiliated allies such as Russia, often referred to as ‘OPEC+’. 
    • With the ongoing US sanctions against key petroleum producers Iran and Venezuela. US crude oil production has crossed 12.1 Mbpd, making it the largest producer ahead of Russia and Saudi Arabia. This rise in production is offsetting the impact of sanctions and OPEC supply cuts. 

FOREX:   Week-on-week value of Philippine Peso has depreciated against the US dollar by P0.22 to P52.74, from P52.51 in the previous week.   

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DOMESTIC OIL PRICES      

Effective 26 March 2019, most of the oil companies implemented a per liter price increase of P1.65 for gasoline,  P0.10 for diesel and P0.10 for  kerosene.

Year-to-date adjustments stand at a net increase of P6.75/liter for gasoline, P4.75/liter for diesel and P3.55/liter for kerosene.

As monitored, shown below are the retail prices in Metro Manila beginning March 26, 2019.
Products Price Range Common Price
P/liter
Gasoline (Ron91)  47.95-56.66 52.94
Gasoline (Ron95)  48.95-60.06 55.79
Gasoline (Ron97)  49.75-60.89 57.79
Diesel 40.30-46.65 43.74
Diesel PLUS 42.30-48.95 46.89
Kerosene 45.35-53.98 50.49
LPG, P/11-kg cylinder 608.00-785.00  

 

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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