Palace assures DOE ready for worst-case oil situation

MANILA, Philippines – Malacanang gave assurances that the energy department has plans to keep oil supply and price stable despite recent warnings from Iran that prices may shoot up as high as $150 per barrel.

Deputy Presidential Spokesperson Abigail Valte said that the DOE is “already aware” of the statement made by Ahmad Qalehbani, head of the National Iranian Oil Company, that oil prices may increase from $120 to $150 per barrel as the European Union impose an import ban on oil from Iran.

“I believe that is something that the DOE is already aware of. And again, they have been taking steps to come up with measures if and when something like that happens,” Valte said in a briefing on Monday, January 30.

Transport groups have threatened to go on strike as local oil prices increase. Valte said government assistance package will be provided but the details “are still being ironed out.”

She added that Metro Manila mayors have agreed in principle  on the implementation of a single ticketing system in Metro Manila.

“That is one of the foremost concerns that was raised to the President  when he met with the transport groups [last year],” she said.

Valte added that the government has moved to address other concerns of the transport leaders through the formation of the Anti-Kotong Task Force, the implementation of Pantawid Pasada, and the formation of the independent multi-sectoral audit panel. – Rappler.com