The Daily Tribune
Ceasefire eases oil price shock
A ceasefire agreement between Israel and Iran, facilitated by US President Donald Trump, has brought cautious optimism for global oil markets and potential relief for fuel prices in the Philippines.
The Department of Energy (DOE) emphasized the need for the Philippines to diversify its oil sources to ensure long-term energy security, despite the potential calming effect of the ceasefire on market jitters.
Sourcing crude oil from alternative countries like Canada might enhance supply security but would likely result in higher prices at the pump.
The primary source for the Philippines' sole refinery remains the Middle East due to cost-effectiveness and suitability of crude quality.
Diversifying oil sources is seen as a viable option primarily when Middle Eastern crude becomes inaccessible, though it entails increased transportation costs.
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The Philippines, through the Department of Foreign Affairs (DFA), has welcomed the ceasefire agreement between Israel and Iran, which could potentially end a 12-day war.
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