UniTeam alarmed by Russia-Ukraine conflict, urges gov't to cushion economic impact
The BBM ( Bongbong Marcos)-Sara UniTeam has urged the government to take mitigating measures to cushion the impact of the expected increase in fuel prices in the world market due to the ongoing conflict between Russia and Ukraine.
The UniTeam pointed out that with Filipinos still struggling with the economic effects of the COVID-19 pandemic, it would exacerbate their sufferings if fuel prices would further spike as it would also trigger a rise in the prices of basic commodities.
The UniTeam is proposing for oil companies to stock up on oil and other petroleum products while market prices are still at manageable level and have not yet reached beyond $103.9 per barrel.
They added that the government should also suspend excise tax on fuel imports as a form of subsidy for oil companies.
Oil companies should not take advantage of succeeding increases in fuel prices in the world market as the conflict between Russia and Ukraine continues.
‘Wag na muna silang maghangad ng masyadong malaking tubo na ang taumbayan naman ang magpapasan,” the ticket warned.
Based on statistics, Philippine consumption in 2020 reached 142,715,000 barrels, while according to the US Energy Information Administration, the average value for Philippine oil reserves was at 0.14 billion barrels in 2021.
In 2018, the country’s total storage capacity stood at 5,397 million liters.
Oil prices surged to $103.9 a barrel for the first time since 2014 on Thursday after Russian President Vladimir Putin ordered an assault on Ukraine, prompting widespread international condemnation.
Many analysts expect prices to rise as high as $150 to $170 per barrel, amid fears of major disruption to the global energy supply because Russia is the world’s third-biggest oil producer and second-biggest producer of natural gas.
In the Philippines, motorists have been warned to brace for higher costs of petroleum products as another round of price hike was implemented this week, which marked the ninth straight week of increases since the beginning of the year. Office of Ferdinand ''Bongbong'' Marcos Jr
