Jetti Petroleum Official Speaks on Possible Costs of Diesel, Gasoline If Iran’s Warning Turns into Reality
DIESEL – Jetti Petroleum Philippines president Leo Bellas spoke on its possible price as well as of gasoline if oil hits $200 per barrel.
The war involving the United States, Israel, and Iran has entered its third week now. The tension escalated after U.S. and Israel launched joint airstrikes that killed Iranian Supreme Leader Ayatollah Ali Khamenei and several other officials of their government. Many civilians were also killed in the war.
Shortly after U.S. Pres. Donald Trump claimed that the war will be ended soon, Iran said they will continue the missile attacks as long as it is necessary. An official of the Iranian government also claimed that negotiations with U.S. are no longer on their agenda.
U.S. Pres. Donald Trump warned Iran that they will be hit much harder if they will block the global oil supply. The U.S. President also claimed that high prices of oil will allegedly be “short-term” but what is important to him is he was allegedly able to stop Iran from supposedly destroying the world.
According to Trump, Iran was allegedly set to acquire nuclear weapons to destroy Middle East and the world. He admitted that America makes a lot of money from the situation because of its oil resources but stressed that it is not the most important thing for him.
Amid the war in the Middle East, Iran warned the world to prepare for oil to be $200 per barrel. Several other countries including the Philippines are currently experiencing high pump prices due to the situation in the Middle East. The diesel and gasoline costs in PH have greatly changed.
In the Philippines, the pump prices have already increased twice since the war involving the U.S., Israel, and Iran began. On the warning of Iran for the world to prepare for oil to be at $200 per barrel, GMA News reached out to Jetti Petroleum Philippines president Leo Bellas to ask about the possible costs of diesel and gasoline if that happens.
Based on the report, hypothetically, if oil hits $200 per barrel, the estimated cost of diesel per liter may be around P150 per liter as per Jetti Petroleum Philippines president Leo Bellas
“The local price would be around P150 per liter on diesel, assuming the spread between crude oil [at $200 per barrel] and diesel will remain at $90 per barrel, which is the current difference between Brent crude and diesel MOPS (Mean of Platts Singapore),”the Jetti Petroleum Philippines President said.
Based on the report, aside from the possible cost of diesel, Jetti Petroleum Philippines president Leo Bellas was also asked about the possible price of gasoline if the oil price reaches $200 a barrel. According to Ballas, it may range around P120 per liter.
“For gasoline, applying the current spread of $40 per barrel versus $200 per barrel of crude, this should equate to about P120 per liter,” he said.
However, it is important to know “the spread could go much higher than current levels given the very tight supply”. Recently, Pres. Bongbong Marcos assured that the Philippines has enough food and petroleum supply.
