Oil Monitor as of February 06, 2019

Originally posted at DOE website.

WORLD OIL PRICES  (January 28-February 01 trading days)

Dubai crude has decreased week-on-week by almost US$0.60 per barrel. MOPS gasoline and diesel have also decreased per barrel by nearly US$1.40 and US$0.40 respectively.

Reasons for the Adjustment

  • Oil prices have witnessed a drop on doubts of trade discussions between the world’s two largest economies, the US and China.
    • Apart from doubts over trade discussions, data from China fueled further concerns with regard to a weak economy that is expected to affect fuel demand.
  • Furthermore, oil prices were weighed down by a survey that showed a reduction in China’s industrial activity by the most in almost three years last month amid slumping orders.
    • As China is a primary consumer of fuels such as diesel, such a slowdown is expected to hit fuel demand.
  • Meanwhile, due to sanctions imposed by the US on Venezuela’s state oil firm PDVSA, ports in the country are loaded with tankers as refineries in the US cut back operations.
    • Despite these disruptions, oil remains in ample supply, because of soaring U.S. commercial crude oil stockpile and production, which jumped by more than 2 million bpd last year to a record 11.9 million bpd and softer U.S. gasoline demand/consumption.

FOREX:  Week-on-week value of Philippine Peso appreciated against the US dollar by P0.43 to P52.34, from P52.77 in the previous week.

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Effective 05 February 2019, most of the oil companies implemented a price decrease of P0.60/liter for gasoline, P0.35/liter for diesel and P0.20/liter for kerosene.

Year-to-date adjustments stand at a net increase of P0.60/liter for gasoline, P0.70/liter for kerosene and P1.90/liter for diesel.

As monitored, shown below are the retail prices in Metro Manila beginning February 05, 2019.

Products Price Range Common Price
Gasoline (Ron91) 42.10-51.16 47.64
Gasoline (Ron95) 43.60-54.56 49.64
Gasoline (Ron97) 43.10-56.39 51.45
Diesel 37.10-49.50 40.74
Diesel PLUS 41.37-46.82 42.74
Kerosene 42.97-51.30 45.30
LPG, P/11-kg cylinder 585.68-772.68

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