Oil Monitor as of 21 November 2018

Date published: November 27, 2018

WORLD OIL PRICES  (November 19-23, 2018 trading days)

Dubai crude  has  decreased  week-on-week by around   US$3.50 per barrel.  MOPS gasoline and diesel have also decreased per barrel by around  US$2.70  and  US$ 6.00 respectively.

Reasons for the Adjustment (Rollbacks)

  • Oil prices dipped after U.S. crude inventories increased to their highest level since December 2017 amid concerns of an emerging global glut, although an expected supply cut by producer cartel OPEC prevented further drops.
    • U.S. commercial crude oil inventories rose by 4.9 million barrels to 446.91 million barrels last week, the highest level since December last year.
  • The Asian gasoil market  was largely steady, but sentiment was more bearish amid concerns over ample supply and falling demand.
    • European diesel has been strengthening due to lower arrivals from US Gulf Coast and the East of Suez (closed for most of September and October), refinery run cuts and expected cold weather.  
  • Oil ended slightly firmer after volatile trading on Friday, supported by expectations that the Organization of the Petroleum Exporting Countries would agree to cut output next month, though prices fell for the sixth straight week amid global oversupply concerns.

FOREX:  Week-on-week  value of Philippine Peso appreciated against the  US dollar  by P0.55  to P52.46, from P53.01 in the previous week.   

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DOMESTIC OIL PRICES      

Effective 27 November  2018, most of the oil companies have implemented a decrease of P1.10/liter for gasoline, P2.30/liter for diesel and P2.10/liter for kerosene. 

Year-to-date total adjustments stand at a net increase of P1.50/liter for gasoline,    P3.70/liter for diesel andP3.53/liter for  kerosene .

As monitored, shown below are the retail prices in Metro Manila beginning November 27, 2018.
Products Price Range Common Price
P/liter
Gasoline (Ron91)  43.35-52.92 49.10
Gasoline (Ron95)  43.80-54.72 51.80
Gasoline (Ron97)  45.25-57.55 51.60
Diesel 38.62-43.49 40.35
Diesel PLUS 41.40-46.89 42.35
Kerosene 44.02-53.66 50.27
LPG, P/11-kg cylinders 613.00-865.00  

 

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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