WORLD OIL PRICES (February 4-7 trading days)
Dubai crude has increased week-on-week by more than US$2.00 per barrel. MOPS gasoline and diesel have also increased by nearly US$3.00 per barrel and almost US$1.80 per barrel respectively.
Reasons for the Adjustment
- Crude oil prices gained the weeks two trading days after the United States imposed sanctions on state-owned Venezuelan oil company PDVSA, a move likely to reduce the OPEC member’s crude exports.
- The US has effectively banned both Venezuelan crude exports to the US and US diluent exports to Venezuela through sanctions announced against state-owned oil company PDVSA on January 28.
- Venezuela's production has fallen from around 2.4 million b/d in 2015 to 1.4 million b/d in 2018, according to the US-EIA, and US imports of Venezuelan crude have dropped from nearly 1.5 million b/d in May 2003 to just over 500,000 b/d in January 2019, EIA data show.
- US Gulf Coast refiners that have relied on Venezuelan imports are finding other sources of heavy crude, including Canada.
- Voluntary supply cuts led by OPEC that aimed at tighten the market and propping up prices is however countered by the rising U.S. crude output and inventories.
FOREX: Week-on-week value of Philippine Peso appreciated against the US dollar by P0.02 to P52.32, from P52.34 in the previous week.
Other recommended reference sites:
- http://www.aip.com.au/pricing
- http://www.indexmundi.com/commodities/?commodity=crude-oil-dubai
- https://www.quandl.com/data/ODA/POILDUB_USD-Dubai-Crude-Oil-Price
DOMESTIC OIL PRICES
Effective 12 February 2019, most of the oil companies implemented a price increase of P0.90/liter for gasoline, P0.55/liter for diesel and P0.85/liter for kerosene .
Year-to-date adjustments stand at a net increase of P1.50/liter for gasoline, P2.30/liter for diesel and P1.70/liter for kerosene.
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As monitored, shown below are the retail prices in Metro Manila beginning February 12, 2019. |
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| Products | Price Range | Common Price | |
| P/liter | |||
| Gasoline (Ron91) | 43.00-52.06 | 48.54 | |
| Gasoline (Ron95) | 46.74-55.46 | 50.84 | |
| Gasoline (Ron97) | 44.00-57.29 | 52.54 | |
| Diesel | 39.74-44.84 | 41.29 | |
| Diesel PLUS | 41.00-47.37 | 43.29 | |
| Kerosene | 43.82-52.23 | 47.27 | |
| 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