Update on Possible Oil Price Hike amid Ongoing Middle East War
OIL PRICE HIKE – Here is an update on the possible increase in the costs of diesel and gasoline based on recent market trading.
The war between the joint forces of the United States and Israel against Iran is on its third week now. The tension is not only affecting the countries involved but as well as several other countries including the Philippines.
The joint airstrikes of U.S. and Israel against Iran resulted to the death of Iranian Supreme Leader Ayatollah Ali Khamenei and several other government officials as well as civilians. The government of Iran vowed to avenge the death of their Supreme Leader and said they are no longer interested in any negotiations with U.S.
Amid the war, U.S. President Donald Trump warned Iran of a much harder attack if they will disrupt the global oil supply. However, as for Iran, the world should prepare for oil to be at $200 per barrel.
According to Trump, the high oil costs will allegedly be “short-term”. The U.S. President claimed that having stopped the alleged acquisition of nuclear weapon by Iran is more important to him than making money with his country being the biggest oil producer. He claimed that Iran was allegedly out to destroy the Middle East and the world.
However, some countries are currently struggling with high oil costs. In the Philippines, there were already two (2) occurrences of bigtime oil price hike since the Middle East war started. A lot of motorists filled their vehicles’ tanks before every set oil price hike.
Currently, another oil price hike is possibly taking place in the week to come. Based on a post of PhilStar, it is based on four (4) days of trading of the Mean of Platts Singapore. However, it could still increase further with the remaining one trading day.
Based on the post, with the possible oil price hike, the cost of diesel could hit P130 per liter after an increase of P14 to P14.50 per liter. The cost of gasoline could hit past P100 per liter following a rise by P7 to P7.50 per liter.
Amid the series of oil price hikes in the Philippines, Pres. Bongbong Marcos claimed that the food and petroleum supply in the country has no problem as they are in normal levels. He stressed that there is no need for hoarding.
Furthermore, Marcos Jr. also assured the Filipino people of the continued efforts of the government amid the war in the Middle East. According to the President, they are looking for ways to decrease the price of food.
