No oil shortage for now, but prices likely to go up if Russia-Ukraine crisis continues — Cusi

MANILA, Philippines — Expect fuel prices to go up even though there is no shortage in the supply of oil in the country for now, Energy Secretary Alfonso Cusi said Wednesday, citing the ongoing conflict in Europe following Russia’s invasion of Ukraine.

At the Kapihan sa Manila Bay forum, Cusi said that while there is no oil shortage, it would be prudent for the public to conserve oil and other petroleum products.

“As far as what is happening now, wala naman kakulangan ng supply dito sa ating bansa. Ang panawagan lang natin ay tayo ay to conserve the use, maging marunong tayo sa paggamit ng petrolyo,” Cusi said.

(As far as what is happening now, we do not have a shortage in the supply of oil in the country. But we call on the public to conserve the use of petroleum products.)

“Hindi lang ng petrolyo, pati na rin ng elektresidad kahit wala pang kakulangan (Not just petroleum but also power, even if there is no shortage),” he added.

According to Cusi, if the conflict between Russia and Ukraine is prolonged, it will result in the rise of prices of oil.

“The looks of it, kung magiging prolonged yung giyera between Russia and Ukraine, talagang tataas pa po ang kuwan (presyo) ng pertrolyo,” Cusi said.

(The looks of it, if the conflict between Russia and Ukraine is prolonged, the price of petroleum will really go up.)

Cusi said there are government interventions to aid motorists such as asking local oil players to grant discounts to public utility vehicle operators.

Moreover, P2.5 billion has been allocated to help public utility vehicle drivers amid the rising oil prices. Some P500 million budget was also allocated for the agriculture sector to aid farmers and fisherfolk affected by the rising oil prices.

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