Fuel may never fall back to P60 per liter, says Energy chief
MANILA, Philippines — Domestic fuel prices may never fall back to the P60-per-liter mark because of structural damage caused by the ongoing conflict in the Middle East, Energy Secretary Sharon Garin said.
In an interview with dzBB on Sunday, April 12, Garin said oil facilities in the Middle East that were hit in the conflict may take time to repair.
"Kung two weeks lang 'yung giyera, bababa. But the structural damage has already been done. It will take a long time to fix the facilities," Garin said.
(If the war only lasts for two weeks, prices will go down. But the structural damage has already been done. It will take a long time to fix the facilities.)
She added: "Hindi ko ma-predict kung ano 'yung pinaka-lowest na aabutan natin. Baka hindi na tayo aabot tulad ng dati na P60 per liter yung diesel dito."
(I can't predict what the lowest price we will reach will be. We might not reach the previous price of P60 per liter for diesel anymore.)
Should there be a downward trend in oil prices, it will not match the speed of their recent increase, Garin said.
Slow rollback. The Energy secretary added that consumers should expect a slow rollback over the next six months rather than a quick return to lower rates.
Oil firms have implemented fuel price hikes since the start of the US-Iran tensions on February 28.
The supply threat has also worsened because of Iran Navy's closure of the Strait of Hormuz, where 20% of the global oil supply passes.
Some oil firms in the Philippines are selling petroleum products priced at around P130 per liter.
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