WORLD OIL PRICES (November 14, 2018 trading days)
Dubai crude has decrea sed week-on-week by almost US$4.00 per barrel. MOPS gasoline and diesel have also decreased per barrel by around US$5.90 and US$4.60 respectively .
Reasons for the Adjustment (Rollbacks)
- Ample supply continued to weigh on the Asian gasoline market . The market is weak and will likely remain so for the rest of the year due to excess supply in the market.
- Gasoline prices continued its retreat, and looked set to fall further, dragged lower by a falling crude complex and pressured under the weight of the gasoline supply overhang.
- The Asian gasoil market was seen steady to slightly weaker; the product was currently treading in more neutral waters. A source said that buying appetite not much and not strong . O ther sources said further downside might be expected on the back of uncertain demand and increased regional supply.
- China, India, Turkey, Japan, South Korea, Italy, Greece and Taiwan , Iran’s top crude buyers would receive 180 – day waivers from US sanctions to continue imports said US Secretary of State Mike Pompeo. M ajor Iranian oil importer UAE did not receive relief from the sanctions.
- The goal of the waivers was to mitigate upside price shock due to tighter supply post – sanctions. But details of the waivers mechanism remain scarce.
FOREX: Week-on-week value of Philippine Peso appreciated against the US dollar by P0.57 to P52.99, from P53.56 in previous week.
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DOMESTIC OIL PRICES
Most of the oil companies implemented a price decrease effective 13 November 2018 . Rollbacks ranges from P2.30-2.50 per liter for gasoline, P2.00 per liter for diesel and P1.85 per liter for kerosene.
Year-to-date adjustments are now at a net increase of P3.90/liter for gasoline, P7.10/liter for diesel and P6.43 /liter for kerosene.
As monitored, shown below are the retail prices in Metro Manila beginning November 13, 2018.
|Products||Price Range||Common Price|
|LPG, P/11-kg cylinders||568.00-783.00|
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