By: Elena Grace Flores
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[VIDEO]: Russia’s Offer to PBBM
Gas and Oil Supply
60% of the Philippines’ gasoline consumption comes from the Middle East. But the country is not spared with its surging prices. However, during the visit of Russia’s ambassador to PBBM, the supply of gas and oil was offered. This is to help stabilize their rates. Although this looks like being biased toward Russia, the Philippines’ independent policy does not rely on any country’s decision.
Taking Advantage of the Ukraine war
The Secretary of Foreign Affairs, Teodoro Locsin, Jr. condemns gas and oil companies that take advantage of the situation in Eastern Europe. Filipinos do not take sides in the Rosso-Ukraine war. So, despite the sanctions imposed by America and Europe on Russia, the country remains independent.
Supply and Demand Effect
However, since countries that put sanctions on Russia’s gas and oil supplies moved to the Middle East, the supply to the Philippines can be scarcer. Therefore, when the demand is high and the supply is lesser, the prices of these fuels can only go up. PBM’s talks to the Russian ambassador can give alternatives to importers when the prices in the middle east become unbearable.