go through Chloe Mari A. Hufana, reporter
Philippine President Ferdinand R. Marcos Jr. has ordered AgenPrepare for potential spikes The Presidential Palace said Tuesday that among global oil prices, it is a major oil-producing region as tensions in the Middle East have increased.
In addition to fuel subsidies, the government also considers that if prices rise, Palace Press Officer Clarissa A. CasTRO told the press conference.
She said Mr Marcos had directed the Department of Energy (DOE) to talk to oil companies to ensure adequate stocks and staggered fuel price adjustments to mitigate the impact on consumers.
While the war with Israel has not yet hit Iran’s crude oil production and export facilities, Brent futures have risen nearly 6% since the closure on June 12, at around $73.58 a barrel in Asia on Tuesday as risks have increased.
Orders from the Philippines to maintain fuel stocks for at least 30 days to help stabilize local supply. If global crude oil prices violate the threshold of $80 per barrel, fuel subsidies for public transport drivers will be Ms. Castro added that the trigger was automatically triggered.
Motorists face another round of fuel price gains this week as oil companies announced increases on Monday, the fifth straight week of gasoline, with the third gain of diesel, and the second was kerosene.
The U.S. Department of Energy’s Oil Industry Administration earlier attributed the uptrend to several global factors, including strong market sentiment in improving U.S.-China trade relations, a stagnant nuclear talk between the U.S. and Iran, and a projected surge in global oil demand over the next 25 years.
According to the Palace, the Ministry of Agriculture (DA) and the Ministry of Transport will also be reminded to launch necessary support plans if tensions in the Middle East raise fuel prices.
Jetti Petroleum, Inc. President Leo P. Bellas Say they are willing to implement any directives given by the government.
“We are monitoring these events due to possible supply issues,” he said in a Viber chat. “We are willing to implement government requirements for downstream oil industry players due to rising prices.”
He noted that the company maintained a “healthy product list” at its terminals, but that any significant interest in local demand would affect supply and other oil companies.
Rizal Commercial Banking Corp., chief economist Michael L. Ricafort, said oil prices could affect inflation.
“[There could be a] Since June 13, 20025 [when] Israel-Iran’s attacks began. ” he said in a Facebook Messenger chat.
“[It] It may also lead to an increase in the country’s trade deficit, import prices and overall trade balance. ”
Inflation was 1.3% at a five-year low in May as utility costs rose at a slower pace. This brings the five-month average to 1.9%, slightly below the central bank’s 2-4% target band.
Ricaford said rising oil prices could also reduce consumer disposable income.
Meanwhile, Alfredo S. Panlilio, president of the Philippine Management Association (MAP), said the business community is concerned about the Iran-Israel conflict.
“Of course, it’s always a problem. Any war is a problem,” he told reporters on a map of the KPMG Tech Summit on Tuesday.
“We hope there is a solution [to] This issue has indeed affected everyone in the world’s previous issues. ” he added.
Meanwhile, the Philippines government is closely monitoring possible fertilizer supply disruptions, as about 66% of the Philippines’ fertilizer imports are based on nitrogen, mainly from Qatar.
Ms. Castro said Francisco P. Tiu Laurel, Jr.
DA currently has no long-term threat to fertilizer availability, assuming Between the Persian Gulf and the Gulf of Oman.
