The latest updates on fuel prices in Metro Manila

Oil prices: A global view

Crude oil, which of course is the “main ingredient” in making gasoline and diesel have experienced by around USD 2.30 or 116 per barrel. This, of course, resulted in a slight increase in gasoline and diesel prices in the global market.

There are many reasons behind the release. The biggest of which is the now 18-month long trade war between the US and China which is seemingly coming to a resolution. That, however, raises more concerns about the global demand for crude oil.

Crude oil, which most petroleum products are made from, have very fickle prices

Here in Asia, oil prices were traded higher when OPEC said that it now expects a deficit in the oil market for 2020. While that maybe the case, the Asian gasoline market recovered hence the minimal change in that particular product’s prices.

Also, there had been outages among octane-making units based in the United States which might explain the change in next year’s forecast.

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Philippine fuel prices as of December 17, 2019

Effective December 17, almost all oil companies in the country implemented an increase in petroleum product prices specifically Diesel at Php 0.30-Php to Php 0.40 per liter while Kerosene increased to Php 0.60 per liter. Fortunately, gasoline prices are still stable.

As of the year-to-date price changes for fuel prices, gasoline is at a net increase of Php 6.46, Php 1.21 per liter of kerosene, and Php 4.17 per liter for diesel. 

We just hope that OPEC's prediction for next year won't come to fruition

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NCR Prevailing retail Pump Prices as of December 11, 2019

*Source: Department of Energy, Price watch for NCR

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