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According to the report, amid the ongoing tension in the Middle East, President Ferdinand “Bongbong” Marcos Jr. ensured that the country has enough supply of oil. Marcos said in a press briefing on Tuesday, that they have sufficient supply of oil. He said that there is stockpile in terms of gasoline, fuel oil, and kerosene
The report stated that earlier, the Department of Energy - Oil Industry Management Bureau (DOE-OIMB) said that fuel prices could jump by up to ₱10 per liter amid US-Iran conflict.
The report said that when the price hike per barrel reaches USD20, it won’t be anymore. The country will still have probably a P7 to P10 per liter increase.
The report added that there is now an increase of the first day of trading from P5 to P10 per liter, and the impact of the first trading as per the adjustment of the price. So far, our estimate is that the impact of the first trading adjustment of the MOPS price will increase by P5 to P10 per liter on the first day of trading.)
Additionally, Abad said the DOE is now coordinating with the Department of Transportation (DOTr) and the Department of Agriculture (DA) regarding the possible release of fuel subsidies. Fuel subsidies may be triggered if Dubai crude averages at least $80 per barrel for one month.
Source: VAL, GMA Integrated News
The report stated that earlier, the Department of Energy - Oil Industry Management Bureau (DOE-OIMB) said that fuel prices could jump by up to ₱10 per liter amid US-Iran conflict.
The report said that when the price hike per barrel reaches USD20, it won’t be anymore. The country will still have probably a P7 to P10 per liter increase.
The report added that there is now an increase of the first day of trading from P5 to P10 per liter, and the impact of the first trading as per the adjustment of the price. So far, our estimate is that the impact of the first trading adjustment of the MOPS price will increase by P5 to P10 per liter on the first day of trading.)
Additionally, Abad said the DOE is now coordinating with the Department of Transportation (DOTr) and the Department of Agriculture (DA) regarding the possible release of fuel subsidies. Fuel subsidies may be triggered if Dubai crude averages at least $80 per barrel for one month.
Source: VAL, GMA Integrated News