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MANILA, Philippines — Local pump prices are projected to decline slightly this week after the International Energy Agency (IEA) agreed to release 60 million barrels of oil in the next six months.
Major oil companies on Monday announced a reduction in diesel and gasoline prices by P0.35 and P1 per liter, respectively.
This is the second consecutive week of rollbacks as fears over Russia’s ongoing invasion of Ukraine were temporarily put on the back burner by IEA’s inventory release.
Japan, in particular, pledged to release 15 million barrels from its reserve. Currently, local oil prices hover between P70 and P80 per liter, depending on the grade. Since January, prices of gasoline and diesel have increased by P17.30 and P27.50 per liter.
—KARL R. OCAMPO
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