WORLD OIL PRICES (February 18-22 trading days)
Dubai crude has increased week-on-week by around US$3.20 per barrel. Both MOPS gasoline and diesel have also increased by almost US$4.00 per barrel.
Reasons for the Adjustment
- Oil prices have been driven up this year after the Organization of the Petroleum Exporting Countries 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.
- OPEC member Nigeria signalled that it would limit output after its production climbed in January. President Muhammadu Buhari, has assured that Nigeria would cooperate with member countries of the Organization of Petroleum Exporting Countries (OPEC) to boost crude oil prices through reduction of oil output.
- Sharply declining oil output from Iran and Venezuela will further prompt bullish sentiment in the market.
- U.S. sanctions have hit Iranian and Venezuelan crude exports while unrest has curbed Libyan output.
- Talks between the United States and China to resolve a trade dispute which has dented global growth may be progressing, helping to lift crude prices.
- The two sides have started to outline commitments in principle on key points of contention, sources familiar with the negotiations told Reuters. However, analysts said that a global economic slowdown - signs of which emerged late last year - was preventing prices from surging beyond highs reached this week.
FOREX: Week-on-week value of Philippine Peso depreciated against the US dollar by P0.01 to P52.19, from P52.18 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 26 February 2019, most of the oil companies implemented a price increase of P1.45/liter for gasoline and diesel. For kerosene the price has increased by P1.35/liter.
Year-to-date adjustments stand at a net increase of P3.65/liter for gasoline, P4.45/liter for diesel and P3.05/liter for kerosene.
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As monitored, shown below are the retail prices in Metro Manila beginning February 26, 2019. |
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| Products | Price Range | Common Price | |
| P/liter | |||
| Gasoline (Ron91) | 45.15-54.21 | 50.04 | |
| Gasoline (Ron95) | 48.89-57.61 | 52.69 | |
| Gasoline (Ron97) | 46.15-60.79 | 54.69 | |
| Diesel | 41.50-46.23 | 43.44 | |
| Diesel PLUS | 41.40-50.33 | 46.33 | |
| Kerosene | 45.25-53.93 | 51.09 | |
| LPG, P/11-kg cylinders | 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