AFTER 11 weeks of continuous increases, motorists can expect lower pump prices of petroleum products as oil companies announced rollbacks set for Tuesday, March 22, 2022.Oil companies reduced their prices by up to P11.50 per liter for diesel, P5.50 per liter for gasoline, and up to P8.55 per liter for kerosene.Caltex, Cleanfuel, Flying V, Petro Gazz, Petron, Phoenix, Total and Unioil announced a rollback in gasoline prices by P5.45 per liter and diesel prices by P11.45 effective 6 a.m. Tuesday.Eastern Petroleum said it will adjust its pump prices by P5.50 per liter for gasoline and P11.50 for diesel.Caltex, Flying V, Petron and Unioil will also reduce kerosene prices by P8.55 per liter.
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The International Energy Agency (IEA) earlier said the reduction in oil prices is only temporary, as global oil supply continues to be affected after several countries suspended Russia from reaching markets due to sanctions imposed by Western and European nations over its attack on Ukraine.The aspects that will affect the price of oil are taxes and other commodities on petroleum imports, foreign exchange rate fluctuations and biofuel components to be mixed with diesel and gasoline.The IEA estimated on Friday, March 18, that three million barrels of Russian oil had been lost per day.The organization hopes that the ongoing peace talks between Russia and Ukraine will have a positive result and bring back the price of oil to under $100 per barrel.The IEA is an autonomous intergovernmental organization and serves as an information source about the oil market, helping each country take action to disrupt global oil supply. (With RRM)