WORLD OIL PRICES  (December 24-28, 2018 trading days)

Dubai crude  has  decreased  week-on-week by almost   US$4.00 per barrel.  MOPS gasoline and diesel have also decreased by around  US$3.50 per barrel and almost US$4.90 barrel respectively.

Reasons for the Adjustment (Rollbacks)

•  Oil prices fell after rebounding 8% in the previous session, as worries over a glut in crude supply and concerns over a faltering global economy pressured prices, even as a stock market rally offered support.

  • The fuel glut is combined with faltering investor sentiment in other asset classes, producing a bear market for oil.  

• Also contributes to the drop in oil prices is the report from the American Petroleum Institute (API) on  a surprise crude oil inventory build of 6.9 million barrels for the week ending December 21, compared to analyst expectations that we would see a draw in crude oil inventories of 2.869 million barrels. The surprise build will likely push oil prices further down, continuing the seesaw prices of the Christmas week.

  • Last week, the API reported a surprise crude build of more than 3 million barrels. A day later, the EIA showed a small draw of 500,000 barrels.

FOREX:  Week-on-week  value of Philippine Peso appreciated against the  US dollar  by P0.27  to P52.78, from P53.05 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 03 January 2019, most of the oil companies implemented a price decrease of P1.30/liter for gasoline,  P1.85/liter for diesel  and P1.90/liter for kerosene .

Year-to-date adjustments stand at a net decrease of P1.30/liter for gasoline, P1.85/liter for kerosene and P1.90/liter for diesel.

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