Chief of DOE Speaks on Oil Costs in PH amid Global Market Signals
DOE – Energy Secretary Sharon Garin spoke on the possibility of another oil price rollback in the Philippines.
Countless Filipinos are financially struggling more now because of the high costs of oil in the Philippines. In several other nations, countless residents are also affected by the soaring oil prices which were triggered by the war in the Middle East.
Amid the uncertainty as to when the war in the Middle East will end, the Philippine government constantly looks for oil supply to ensure that we don’t run out of oil. The war that involves the United States, Israel, and Iran has led to the restrictions in the passage in the Strait of Hormuz.
Tehran immediately imposed restrictions that banned the vessels linked to U.S. and Israel from passing Hormuz. The two (2) countries attacked Iran and several Iranians including their chief, Ayatollah Ali Khamenei, died.
The restrictions in the passage at the Strait of Hormuz has affected the international oil flow. Amid the rising pump prices in the Philippines with diesel reaching P170 per liter, Pres. Bongbong Marcos ordered the Department of Foreign Affairs to talk to Iran.
Iran allowed the Manila-bound oil tankers to pass the Strait of Hormuz safely. However, the DOE previously clarified that it may not bring immediate relief to the Filipinos amid the soaring oil costs in the country.
After a series of oil price hikes, a bigtime oil price rollback was implemented last Tuesday, April 14. Pres. Bongbong Marcos announced the said rollback ahead of time as he assured the Filipinos that the government continues to exert efforts to help the people.
Amid the high pump prices in the country now, countless Filipinos are hoping for another oil price rollback. Based on a report on GMA News, DOE Sec. Sharon Garin said it is possible for another rollback to take place but she can’t really confirm it now.
“Mukhang may pag-asa,” Garin said citing the recent trading days.
The DOE Chief stressed that the third day of trading showed a favorable movement but she clarified that she does not want to predict whether it will be an oil price hike or a rollback that awaits the Filipinos next week. Meanwhile, based on the report, she assured that the country has sufficient oil reserves that can last up to 50 days.
“Ang 3-day (trading) mukhang maganda naman pero ayaw ko lang muna mag-predict ngayon pero ang trend niya mukhang nag-stay siya sa mababa o bumababa pa,” the DOE Secretary said.
Amid the high oil prices in the country, the President stressed that the government has no control over it. Marcos Jr. also emphasized that he is hoping to end hunger in the Philippines by 2028 as he claimed that there are ways that the government can pull the prices.
