WORLD OIL PRICES (August 3-7, 2015 trading days)
World crude prices sustained decreases over the whole week, with an average reduction of about US$3/bbl. Crude benchmarks Dubai, Brent and WTI hit their six-month low in the last trading day last week, as prices dipped to around US$49, US$48 and US$44 a barrel, respectively. Analyst from Goldman Sachs believed Brent will fall further to $45/bbl by October on the back of oversupply in the global crude market.
Specifically, reports disclosed the high levels of crude production in the U.S. and other major suppliers in OPEC, causing the oversupply and unabated price slid since the end of June. It was further aggravated by worries about weaker Chinese consumption and a stronger US dollar over other currencies.
In Asia, Platts noted that several spot sell tenders issued by regional suppliers and weaker US RBOB values weighed down the gasoline market. The increase of US gasoline stocks by 811,000 barrels to 216.7 million barrels in the week ended July 31, reportedly added to supply woes.
Meanwhile, the Asian market for gasoil/diesel reportedly continue to be pressured by abundant supply amid heavy exports from China and the Middle East due to slow domestic consumption and increases in refining capacity. Although spot demand was said to have emerged from Vietnam, Sri Lanka, Egypt and Indonesia, it was deemed insufficient to absorb the regional supply glut.
Overall, Dubai crude dropped week-on-week by approximately US$3/bbl. MOPS gasoline and diesel decreased by nearly US$2/bbl.
FOREX: Peso/US$ rate depreciated further by P0.18 to P45.74, from P45.56 in previous week.
Other recommended reference site: http://www.aip.com.au/pricing
DOMESTIC OIL PRICES
Effective 11 August 2015, most of the oil companies implemented a decrease of P0.45/liter for both gasoline and diesel. Kerosene is decreased by P1.00/liter.
Year-to-date, total adjustments are at net increase of P1.71/liter for gasoline and net decrease of P3.84/liter for diesel. LPG remains at net decrease of P8.25/kg.
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As monitored, shown below are the retail prices in Metro Manila beginning 11 August 2015. |
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| Products | Price Range | Common Price | |
| P/liter | |||
| Diesel | 23.95-27.20 | 24.70 | |
| Gasoline* | 38.10-44.50 | 43.42 | |
| LPG, P/11-kg cylinders | 460.00-665.00 | ||
* RON 95
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: http://www.doe.gov.ph