• GILBERT P. BAYORAN
With lots of damage to oil refineries affected by the Middle East war, Negros Occidental Governor Eugenio Jose Lacson said he is not inclined to believe that fuel prices in the Philippines will be restored to pre-war levels.
This, amid the declaration of a two-week ceasefire by the United States and Iran.
“I don’t think fuel prices will drop immediately because of the ceasefire,” Lacson said, adding there is a lot of work to be done to restore the damaged oil infrastructure and related facilities.
The downward trend of fuel prices will not be fast as it went up, the governor said.
Lacson also said the government will continue to implement cost-cutting measures, including temporary restrictions on travel and non-essential activities, among others.
The governor reiterated his call for continued prayers among Negrenses, which he believes contributed a lot to what just transpired, which is the announcement of ceasefire.
“We should continue our prayers that it will finally end soon, and there will be a permanent resolution between countries involved in the Middle East hostilities,” he added.
Energy Secretary Sharon Garin said she expects that pump prices will continue to increase due to damaged oil infrastructure and rising delivery costs, although the Philippines now has the clearance from Iran to allow the safe passage of Manila-flagged vessels and seafarers through the Strait of Hormuz.
Garin noted that the country remains highly dependent on imports from conflict-affected regions, stressing that “99 percent of our oil comes from there, and 20 percent of the whole world.”
The Department of Energy recently reported that the country has more than 50 days of oil supply, exceeding the typical industry benchmark of 30 days. | GB
