WORLD OIL PRICES  (December 3-7, 2018 trading days)

Dubai crude  has  increased  week-on-week by almost   US$1.00 per barrel.  MOPS gasoline has also increased by around  US$0.90 per barrel while diesel has  decreased by nearly US$ 0.60 barrel. 

Reasons for the Adjustment (Rollbacks)

• Oil prices rebounded after OPEC and its allies including Russia have agreed to cut production next year to shore up falling price. 

  • OPEC and its allies inked a deal to reduced output by 1.2 million barrels per day during the first six months of 2019 after their second-day meeting in Vienna, Austria and U.S. President Trump’s repeated calls for lower oil prices which has roughly met market expectations.

  • Members of OPEC will reduce output by 800,000 barrels per day while Russia and other nations signed up to a 400,000 reduction.  

  • The cuts are scheduled to begin on January 1 and will last for six months.

FOREX:  Week-on-week  value of Philippine Peso depreciated against the  US dollar  by P0.13  to P52.61, from P52.48 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 11 December 2018, most of the oil companies implemented a P0.40/liter increase for gasoline while a decrease have been applied for diesel and kerosene  by P0.10/liter and P0.45/liter respectively.

The total year-to-date adjustments for gasoline this week reached a net decrease of P0.05/liter.  For diesel, the net increase was further lowered to P1.50/liter same with kerosene with  P1.08/liter.

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