Originally posted at the DOE website
WORLD OIL PRICES (August 27-31, 2018 trading days)
Dubai crude has increased week-on-week by almost US$2.80 per barrel. MOPS gasoline and diesel have also increased week-on-week by around US$2.50 and US$3.20 per barrel respectively.
Reasons for the Adjustment
Factors affecting crude oil prices:
- Crude oil prices are likely to rise further in 2018 and may remain above $75 a barrel for some time, owing to the geo-political situations across the world—including Iran sanctions and drop in Venezuela production, according to the International Energy Agency (IEA). Geopolitical events, natural disasters could impact the market if a potential storm system currently off the coast of Africa strengthens and heads to the Gulf of Mexico.
- Declining shipments from Iran ahead of the imposition US sanctions on Tehran in November.
- These global market scenario could relieve upward pressure on prices unless the Organization of the Petroleum Exporting Countries (OPEC) go for a significant increase in production, said Fatih Birol, the Executive Director of the International
Energy Agency (IEA).
Asian gasoil (diesel) market
- The Asian gasoil market is still tight with leaner supply availability and is still quite strong with steady demand.
Asian gasoline market
- limited supply boosted trading sentiment on the market this week amid recent refinery troubles.
FOREX: Week-on-week value of Philippine Peso depreciated against the US dollar by P0.02 to P53.44, from P53.42 in previous week.
Other recommended reference sites:
DOMESTIC OIL PRICES
Effective 04 September 2018, most of the oil companies implemented a price increase of P0.95/liter for gasoline and kerosene; diesel by P1.20/liter.
Year-to-date total adjustments stand at a net increase of P7.85/liter for gasoline and P8.35/liter for diesel.
As monitored, shown below are the retail prices in Metro Manila beginning September 04, 2018.
46.15 – 59.97
50.40 – 61.78
52.82 – 63.91
42.30 – 49.10
44.15 – 52.43
47.42 – 57.36
LPG, P/11-kg cylinders
* RON 95