The Department of Energy (DOE) has advised motorists to brace for higher prices of petroleum products amid the continuing exchange of attacks between Israel and Iran.
Oil prices may rise by almost P5 per liter next week, according to Rodela Romero, assistant director of the DOE’s Oil Industry Management Bureau.
Gasoline is expected to increase from P2.50 to P3 per liter, diesel from P4.30 to P4.80 per liter and kerosene from P4.25 to P4.40 per liter.
“Major oil price shock is looming as the Israel – Iran conflict threatens critical global shipping passage,” said Romero.
According to John Paul Mondejar, director of Internationalization Office, USA, there is no indication yet that the tension could end shortly.
“Looking at the Middle East, it usually could go, first, unfortunately, to escalation. Unless they find a diplomatic solution,” he said.
“As an implication to our country, to our kababayan, ang inflation mag-a-adjust. So ang cost of living tataas. So, kapag nangyari yan, syempre those, especially in the grassroots will really have a hard time,” Mondejar added.
The DOE assured that the government is ready to provide fuel subsidies to public utility vehicles should the situation worsen.
“Our immediate priority is to ensure that our fuel supply remains stable and sufficient, and that any local price adjustments are managed in a way that minimizes disruption to our economy,” said DOE officer-in-charge Sharon Garin.IMT
