• 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 in the possibility of fuel prices in the Philippines being restored to pre-war levels, 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 as fast as it went up, the governor said.
Because of the Middle East armed conflict, Lacson said they will continue to implement cost-cutting measures, including temporary restrictions on travel and non-essential activities, among others.
Energy Secretary Sharon Garin said she expects pump prices to continue to increase due to damaged oil infrastructure and rising delivery costs, although the Philippines now has clearance from Iran to allow the safe passage of Manila-flagged vessels and seafarers through the Strait of Hormuz.
Garin disclosed 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.”
DOE recently reported that the country has more than 50 days of oil supply, exceeding the typical industry benchmark of 30 days.
Lacson reiterated his call for continued prayers among Negrenses, which he believes contributed to what just transpired, with 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.*
