By Bernadette D. Nicolas - May 24, 2018
THE government is looking to get oil
from countries outside the Organization of Petroleum Exporting Countries (Opec)
in order to cushion the impact of rising oil prices, Malacañan Palace said on
Thursday.
Presidential Spokesman Harry L.
Roque Jr. noted that the same tack is being done by China.
“I have talked to people in
government, and there is a possibility of importing cheaper oil from
non-Opec members like Russia and America. China is also getting its oil
from the stockpile of America,” Roque said, and the Philippines is studying if
“we can also do the same move like what China did.”
The government, however, is still
exploring its options and has asked for the public’s understanding of the fact
that rising oil prices are something the government cannot control.
Nonetheless, he reiterated the
built-in mechanism that the government can resort to if global oil prices reach
$80 per barrel.
Roque said, at this point the
government may suspend collection of higher fuel excise tax.
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