Amid the Middle East Tension, Another Bigtime Oil Price Hike is Possible
OIL PRICE HIKE – Based on the recent fuel prices in the global market, diesel and gasoline may have another bigtime price increase.
Iranian Supreme Leader Ayatollah Ali Khamenei died from the joint airstrike of the United States and Israel against Iran. It alarmed the global community on the safety of countless people amid the war as well as the impact of the tension on the other nations.
United States President Donald Trump believes that the slain Iranian leader allegedly opposes the interest of America. Several individuals died amid the escalating conflict including a Filipina caregiver who was at work when her untimely demise happened.
Amid the global concern on the possible bigtime oil price hike, U.S. Pres. Donald Trump claimed that the high prices of fuel will allegedly be “short-term”. He also reiterated the commitment of his country to protect the global oil flow.
According to U.S. Pres. Donald Trump, Iran will allegedly be hit much harder if it disrupts the global oil flow. The United States’ President’s remarks earned mixed reactions.
“I will not allow a terrorist regime to hold the world hostage and attempt to stop the globe’s oil supply. And if Iran does anything to do that, they’ll get hit at a much, much harder level,” Trump said.
In the Philippines, the escalating tension in the Middle East already resulted to the first round of bigtime oil price hike last Tuesday, March 10. Prior to it, countless vehicle owners already got their tanks loaded up to evade the much higher cost of fuel.
Currently, several drivers claim of no longer making a profit from driving due to the high costs of fuel now and many of them struggle to make ends meet. Pres. Ferdinand Marcos Jr. ordered the implementation of a 4-day work week amid the high costs of fuel.
Marcos Jr. admitted that no one can say until when the war will last. Based on a report on GMA News, another bigtime oil price hike is possible next week based on the fuel prices in the global market in the past two (2) days.
Based on the report, the oil price hike may lead to an increase of P15 per liter, gasoline of up to P12 per liter, and kerosene of up to P6 per liter. Meanwhile, the fuel prices is still subject to the market price in the next days.
Amid the escalating tension in the Middle East, Pres. Ferdinand Marcos Jr. assured the Filipinos that the government is already talking with other countries that could supply us with oil.
