Official says conflict in Israel not expected to affect petroleum prices in Philippines
Oil Industry Management Bureau Director Rino Abad said Wednesday the conflict in Israel is not expected to affect the price of petroleum products in the Philippines.
"Israel is not a supplier of any petroleum products in the Philippines. So, if there will be any supply disruption in Israel we will not be affected," he said.
Abad explained that there is a low chance that Saudi Arabia, Kuwait and Qatar will have a problem in their supply because they are not participants in the conflict.
"The conflict does not pose a supply disruption in these countries and in the Persian Gulf that may cause problems in the delivery of petroleum products from these countries, from the Persian Gulf going to the Asian region," he said.
Abad also stressed that another rollback in petroleum prices may also be expected next week.
"The assessment of the Department of Energy is that there is a very low chance to have an actual disruption and when we monitor the petroleum product prices from crude oil including refined products ? gasoline, diesel and kerosene we see that within the two trading days this week, Monday and Tuesday there is no increase happened and the price even went down and it this will continue we can expect another rollback next week," he said. Robina Asido/DMS
