US-Iran 2-Week Ceasefire Eyed to Bring Rollback in Fuel Prices in PH
Rollback in fuel prices is expected next week after the United States and Iran agreed on a two-week ceasefire.
United States President Donald Trump agreed to stop the attack against Iran for two (2) weeks. According to him, their military has so far achieved all their objectives and it will be a double ceasefire if it happens. The American Leader urges the Iranian government to fully open the Strait of Hormuz.
Tehran imposed restrictions in the Strait of Hormuz after U.S. and Israel launched joint airstrikes against Iran that led to the death of many of its government officials and its people. Iranian Supreme Leader Ayatollah Ali Khamenei was among those who were killed.
Iran vowed to avenge the death of their fellows and to make U.S. regret through the oil costs. Iran previously warned the world to prepare for the oil price to reach $200 per barrel. It banned the U.S. and Israel-linked vessels from passing the Strait of Hormuz.
The Strait of Hormuz is a vital passageway for global oil shipments. The Middle East war and its impact has affected several other countries including the Philippines. In PH, the series of oil price hikes has brought the cost of diesel to P170 per liter.
Recently, after the United States agreed to a two-week ceasefire with Iran, oil prices have fallen on the first four (4) days of trading in the world market. Based on a report on ABS-CBN News, a rollback in fuel prices in the Philippines is expected next week.
Based on the report, up to P10.50 per liter rollback in the cost of diesel is expected next week . With regards to the price of gasoline, it is also expected to drop up to P3.50 per liter.
A rollback in the cost of kerosene is also expected to take place. It may be as much as P5.30 per liter decrease. However, previously, even after Iran allowed the safe passage of the oil shipments bound for Manila, Department of Energy or DOE Secretary Sharon Garin believes that the cost of fuel may take some time to go back to P100 and below.
The DOE Chief also admitted that there is a possibility that the oil price hike will continue and that the diesel will hit P200 per liter. She stressed that it really depends on the situation.
Amid the soaring fuel prices in the Philippines and the people wanting a major rollback in the oil costs, Vice President Sara Duterte recently slammed Pres. Bongbong Marcos anew.