THE Department of Energy (DOE) is assessing how the escalated conflict between Israel and Palestine will impact local petroleum prices as global prices saw a surge on the first trading day of the week.
In a “Bagong Pilipinas Ngayon” interview on Tuesday, Oct. 10, DOE-Oil Industry Management Bureau assistant director Rodela Romero said, “Sa biglang pagsalakay sa Israel, tumaas ang presyo sa unang araw ng trading this week… (because of the sudden attacks in Israel, fuel prices surged in the first trading day of this week).”
“Around $3 to $4 per barrel was the increase,” Romero said.
Over the weekend, Hamas, a Palestinian Islamist group, launched its biggest attack on Israel, sending fuel prices climbing, with international benchmark Brent crude rising over 4 percent to around $88 per barrel.
Asked how the spike in world crude prices would impact local pump prices, Romero said that remains to be seen as the industry needs to look at how prices would behave for the entire trading week.
“We need the entire week to quantify [the impact],” she said.
Effective Tuesday, oil companies implemented a rollback in fuel prices — P3.05 per liter on gasoline, P2.45 per liter on diesel, and P3.00 on kerosene.
Nevertheless, Romero said that the attacks on Israel are not expected to have long-term impact on oil and gas unless the conflict escalates further.
However, she said the conflict could trigger uncertainties in the global market that can drive up prices. (GMA Integrated News)
