Originally posted at DOE website
WORLD OIL PRICES (April 16 – 20, 2018 trading days)
Dubai crude in creased week-on-week by almost US$ 2.00 per barrel. Similarly, MOPS gasoline and diesel in creased during the period by about US$1.00 and US$1.60 per barrel, respectively .
Reasons for the Adjustment
- Heightened geopolitical tensions in the Middle East .
- Strong compliance with the OPEC/non-OPEC supply cut agreement.
- Oil prices rose to the highest since late 2014 as U.S. crude inventories declined after top exporter – Saudi Arabia indicated to pursue higher oil prices. Commentary from Saudi Arabia said that they will be happy to see crude rise to $80/bbl or even $100/bbl.
- Asian gasoline market remained largely unchanged, as the region continued to witness oversupply amid tepid spot demand. However, US summer driving season has begun with gasoline imports above their historically typical levels according to US – Energy Inform ation Administration data. US customs data reportedly showed that some of these gasoline imports have come from Asia .
- Earlier in April, a gasoline cargo from Japan went to Washington state while another cargo from South Korea went to Oregon. While it is n ot first – time for Asian gasoline to reach the US West Coast, it is highly uncommon.
- Asia’s gasoil/diesel market continued to gain strength on improved demand and tighter regional supply. Inventories in Singapore were also being drawn down. Middle distillate stocks fell by 1.66 million barrels to 9.58 million barrels in the week ended April 18.
FOREX: The value of Philippine peso per US dollar depreciated by P0.10 to P52.08, from P51.98 in previous week.
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DOMESTIC OIL PRICES
On 24 April 2018, oil companies implemented an increase of P0.40/liter for gasoline and P0.65/liter for diesel and kerosene.
Year-to-date adjustments are now at net increase of P3.45/liter for gasoline and P4.55 /liter for diesel and P4.80/liter for kerosene.
As monitored, shown below are the retail prices in Metro Manila beginning April 24, 2018.
|Products||Price Range||Common Price|
|* RON 95|
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