Oil Monitor as of November 08, 2017

Originally published at DOE website

WORLD OIL PRICES (October 30-November 3, 2017 trading days)  

Dubai crude increased week-on-week by about US$2.70 per barrel.  Similarly, both MOPS gasoline and diesel increased by nearly US$2.80 and US$1.70 per barrel, respectively.

Reasons for the Adjustment

  • Claim of OPEC that supply and demand balances were tightening and oil inventories falling, while compliance with the OPEC-led pact to curb supplies had been “excellent”.
  • Firmer gasoline market in Asia amid higher spot demand and limited regional stocks; Indonesia’s state-owned Pertamina is boosting imports to offset low stocks due to scheduled refinery maintenance.
  • OPEC and major oil producers eyeing to extend global pact to cut oil output.
  • Rising oil demand in China.

FOREX: Philippine peso depreciated against the US dollar by P0.24 to P51.66, from P51.41 in preceding week.

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Effective 07 October 2017, the oil companies effected an increase P0.90/liter for gasoline, P0.75 for diesel and P0.55/liter in kerosene.

Year-to-date total adjustment is at net increase of P5.39 in gasoline and P5.35 in diesel.

As monitored, shown below are the retail prices in Metro Manila beginning November 08, 2017.

Products Price Range Common Price
Diesel 31.20-36.30 34.90
Gasoline* 42.55-52.41 48.85
LPG, P/11-kg cylinders 538.00-778.00

* 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: https://www.doe.gov.ph