00:00Local oil players have assured that domestic oil supply will not be an immediate issue.
00:05However, the ongoing Middle East conflict is likely to push international crude oil prices to the $100 per barrel mark.
00:12This according to Jetty Energy President Leo Bellas.
00:16He noted that local oil players hold closer to 30 days worth of stocks, exceeding the 15-day inventory requirement.
00:24Economists and industry leaders warned that this price surge, coupled with a weakening Philippine Peso,
00:28will translate to higher local oil prices and an overall pickup in inflation.
00:33Federation of Philippine Industries Chair Beth Lee called the crisis an inflationary shock that will affect households and industries,
00:41resulting in jumps in domestic oil prices, electricity and transportation fares.
00:46She also stated that while existing inventories serve as short-term buffers,
00:50a prolonged conflict will force firms to replenish stocks at higher global prices,
00:55leading to sustained upward pressure on domestic costs.
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