Oil Monitor as of September 05, 2018

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.

Products
Price Range
Common Price

P/liter

Gasoline (Ron91)
46.15 – 59.97
56.40

Gasoline (Ron95)
50.40 – 61.78
56.80

Gasoline (Ron97)
52.82 – 63.91
59.52

Diesel
42.30 – 49.10
45.35

Diesel PLUS
44.15 – 52.43
48.10

Kerosene
47.42 – 57.36
52.66

LPG, P/11-kg cylinders
620.00-840.00
* 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

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