Oil Monitor as of 22 January 2019

Date published: January 22, 2019

WORLD OIL PRICES  (January 14-18 trading days)

Dubai crude has increased week-on-week by almost US$1.40 per barrel. MOPS gasoline and diesel have also increased per barrel by around US$0.30 and US$1.10 respectively.

Reasons for the Adjustment (Rollbacks)

  • Oil prices spiked to a six-week high after China was said to offer a ramp-up of imports from the U.S. to settle a trade dispute between the world's biggest economies.
    • Futures rose as much as 3.5 percent in New York on Friday after Bloomberg News reported China has proposed a six-year buying spree of American goods. The offer to boost purchases by $1 trillion eased concerns that the dispute will lead to a prolonged slump in energy demand.
  • "OPEC's releasing information on how much they've cut, and Saudi Arabia keeps talking about how much more they're going to cut," said Ellen Wald, president of Transversal Consulting, an energy and geopolitics consultancy in Jacksonville, Florida.

    • Prices are likely to keep climbing at least until April, she said, when the U.S. is due to decide whether to extend waivers against sanctions for buyers of Iranian oil.

  • On April 17, OPEC will hold an extraordinary meeting in Vienna to discuss the state of the oil market and the production cut deal. Russia and nine other non-OPEC allies will join for a full OPEC+ meeting on the following day.

    • They are expected to discuss whether to extend its 1.2 million b/d output cut agreement, which is set to expire at the end of June.

FOREX:  Week-on-week value of Philippine Peso appreciated against the US dollar by P0.07 to P52.25, from P52.32 in the previous week.

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DOMESTIC OIL PRICES      

Effective 22 January 2019, most of the oil companies implemented a price increase of P0.10/liter for gasoline, P0.40/liter for diesel and P0.15/liter for kerosene.

Year-to-date adjustments stand at a net increase of P1.00/liter for gasoline, P0.65/liter for kerosene and P1.55/liter for diesel.

As monitored, shown below are the retail prices in Metro Manila beginning January 22, 2019.
Products Price Range Common Price
P/liter
Gasoline (Ron91)  41.45-50.91 48.15
Gasoline (Ron95)  41.95-54.86 50.04
Gasoline (Ron97)  43.40-55.80 49.80
Diesel 36.35-44.93 40.54
Diesel PLUS 38.80-43.98 42.54
Kerosene 40.62-50.90 45.10
LPG, P/11-kg cylinders 543.00-730.00  

 

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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