DOE Sec. Sharon Garin Speaks on Increasing Pump Prices in PH
GARIN – The Department of Energy Secretary admitted that it is possible for diesel to reach P200 per liter amid the Middle East war.
The attack of the United States and Israel against Iran has come a long way now on its 5th week with the soaring oil prices in many other countries that are not directly involved in the war. Several Iranians died from the first attack and Iran vowed to avenge their death.
U.S. President Donald Trump claimed that the attack against Iran was allegedly to stop it from destroying the world through acquiring nuclear power. According to the American Leader, it is more important to him than the oil costs.
The war in the Middle East has caused the oil prices in many other countries including the Philippines to soar. The series of oil price hikes already brought diesel to P170 per liter now and the jeepney drivers and delivery riders are already calling for long-term solutions form the government.
The Philippine government released fuel subsidies to the transport sector. To balance the help among the members of the transport sector and the commuters, Pres. Bongbong Marcos suspended the fair hike.
Marcos Jr. also ordered the Department of Foreign Affairs (DFA) to talk to Iran. The Iranian government agreed to let the oil shipments bound for Manila pass safely. However, the Department of Energy or DOE clarified that an Hormuz pass will allegedly not bring immediate relief amid the soaring oil prices in the country.
“Even if much of our fuel is sourced from regional hubs like Singapore or Korea, the crude oil where these come from often passes through the Strait of Hormuz,” Garin said.
Recently, DOE Sec. Sharon Garin reiterated that it might take some time before the oil costs will drop even if the war in the Middle East will end. Based on News5, the Energy Secretary also admitted that the oil price hike may continue.
“There has been a structural change in the industry… I think the problem will stay longer than the war itself. So, if it ever goes back to P100 or below, it will take some time,” the Energy Chief said.
Furthermore, based on the post, DOE Sec. Sharon Garin also said that it is possible that diesel costs will reach P200 per liter. According to her, it really depends what the two nations will do.
“Will it go up to P200? Honestly, I don’t know and I don’t think anybody knows yet… Unfortunately, we are so dependent on what’s happening there. So it might, it could happen depending on what two countries do,” Garin said.
Recently, amid the nearing deadline of the ultimatum set for the full opening of the Strait of Hormuz, U.S. Pres. Donald Trump agreed to stop the attacks against Iran for two (2) weeks.