Prices of Fuel & Flour May Soar Amid Russia-Ukraine Crisis
The prices of fuel and flour may increase due to the crisis in Ukraine after Russian President declares military operation.
On Thursday (February 24, 2022), Russian President Vladimir Putin announced military operations in Ukraine after taking steps to brace for a possible Russian invasion. It kicks off a long-feared attack on their European neighbor.
Ukrainian leader Volodymyr Zelenskyy urged the public not to panic although Russia starts to attack their border guards and military infrastructure. Zelenskyy has declared martial law throughout the entire country.
Earlier, United Nations Secretary-General Antonio Guterres plead to Vladimir Putin to not attack Ukraine in the name of humanity. He also urged Putin not bring back the troops to Russia.
“President Putin, in the name of humanity bring your troops back to Russia. In the name of humanity do not allow to start in Europe what could be the worst war since the beginning of the century,” Guterres said.
However, the Asian markets and US stock plunged as Russia-Ukraine crisis escalates. The crisis causes an impact to the global economy including regions far from Europe.
According to presidential adviser for entrepreneurship and Go Negosyo founder Joey Concepcion, there will be supply chain disruption if the war between the two countries start. The flour prices increase because Ukraine and other regions in Europe are the main sources of flour.
Political Science and International Relations Professor Anna Malindog-Uy said that fuel prices may continue to increase due to the economic sanctions filed against Russia. It will have a domino effect, according to the experts.
“Even if we are several thousand miles away, we definitely are going to feel this tsunami of repercussions. Ukraine, Russia, they are the biggest importers of wheat. Now, there’s now a price hike for flour. When the price of flour goes up, food prices go up,” former senator Nikki Coseteng said.
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