WORLD OIL PRICES  (December 17-21, 2018 trading days)

Dubai crude  has  decreased  week-on-week by almost   US$3.50 per barrel.  MOPS gasoline and diesel have also decreased by around  US$3.30 per barrel and  US$3.60 barrel respectively. 

Reasons for the Adjustment (Rollbacks)

•  Oil prices fell on Thursday to erase most of their gains from the day before, resuming declines seen earlier in the week amid worries about oversupply and the outlook for the global economy.

• The oil prices continuous to fall to its lowest on  Friday  since the third quarter of 2017, heading for losses of more than 11 percent in a week, as global oversupply kept buyers away from the market ahead of holidays over the next two weeks.

• Through  this scenario on the oil markets,  the crude has lost ground along with major equity markets as investors fret about the strength of the global economy heading into next year. The prospect of a possible government shutdown in the United States, the world's biggest oil consumer, has added to investors' worries.

• Oil markets have pulled back amid concerns about oversupply, despite planned production cuts by the Organization of the Petroleum Exporting Countries.

FOREX:  Week-on-week  value of Philippine Peso depreciated against the  US dollar  by P0.31  to P53.05, from P52.73 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 25 December, most of the oil companies implemented a price decrease of P1.00/liter for gasoline,  diesel and kerosene.

Year-to-date adjustments stand at a net decrease of P1.05/liter for gasoline, P0.17/liter for kerosene and a  net increase of P0.25/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