Twister named Vladimir
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The apparent pursuit of a lasting solution to the problem of high energy prices and unpredictable supply is being addressed squarely by the government by laying the groundwork for reforms to continue.
The ripple from an insane war or a vicious invasion, depending on the contrasting perspectives about the conflict between Russia and Ukraine, is now being felt by Filipinos with the big-time oil products’ price increases last Tuesday.
Gasoline prices were higher by P3.60 per liter average and P5.85 per liter more on diesel as a result.
Fuel prices have been rising prior to the conflict but on a marginal amount which was due to the feverish global recovery that pushed the demand for fuel to unprecedented levels.
Now the geopolitical friction is expected to foul up supply as Russia is a major oil producer.
Economic sanctions have been lined up by the Western alliance led by the United States that included sealing off Russia from any commercial transactions including the sale of oil.
The threats did not deter Russian President Vladimir Putin who made it clear that he will forge on with his military campaign.
Brent, the European barometer, surged to nearly $140 after the US said it was considering a ban on Russian petroleum imports. Dubai crude oil which the country uses as a benchmark was around $120 per barrel on Tuesday.
The Department of Energy (DoE) projects P68.70 per liter for diesel and P78.33 per liter for gasoline if Dubai crude stays above the $120 per barrel level.
Thus far this year, prices have risen a total of P13.25 per liter for gasoline, P17.50 per liter for diesel, and P14.40 per liter for kerosene.
Energy Secretary Al Cusi said measures to absorb the impact of the oil price shock are on the way including subsidies or ayuda for transport and agriculture workers, including fishermen.
The energy chief added that the Executive will make representations with Congress to speed up the approval of the law that will mandate the setting up of electric vehicle (EV) charging stations.
Lack of such facility has obstructed projects to spread EV throughout the country.
Cusi said President Rodrigo Duterte made a significant step in ensuring energy security amid the growing uncertainties with the signing of Executive Order 164 that had created a nuclear policy for energy generation.
Since the EDSA Revolt of 1986, the government has not recognized nuclear power as a source of electricity.
Cusi canceled his trip this week to the United States to explore the use of small modular reactors, which is the emerging trend for the use of nuclear fuel since it is quick to set up and has a high degree of safety compared to the conventional power plant facilities, to attend to problems brought by the spike at fuel prices.
Nonetheless, the US has a lot of experience in the use of the technology considering that SMR is now currently deployed among its naval assets such as nuclear-powered vessels and submarines.
The apparent pursuit of a lasting solution to the problem of high energy prices and unpredictable supply is being addressed squarely by the government by laying the groundwork for reforms to continue.
It would be up to the leader who will emerge from the May polls to make efficient use of the opportunity.
“Brent,
the European barometer, surged to nearly $140 after the US said it was considering a ban on Russian petroleum imports. Dubai crude oil which the country uses as a benchmark was around $120 per barrel on Tuesday.