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Aquino gov't takes steps to ease impact of continuing rise in international crude oil prices

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The Aquino government has started exerting all possible efforts to ease the impact of the continuing rise of prices of crude oil in the world market on consumers and our economy, a Palace official said on Monday.

Deputy Presidential Spokesperson Abigail Valte issued the statement during the regular press briefing held in Malacanang on Monday, in response to news reports regarding the claims of Iran that oil prices could rise as high as US$ 150 a barrel because of the European Union (EU) ban on imports of Iranian crude.

"I believe that is something that the Department of Energy (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.

The DOE has stepped up its efforts to ensure that prices of petroleum products in the country remain fair and reasonable. The DOE also started implementing other measures to address the impact of the continuing rise of prices of crude oil.

News reports revealed that the European Union Foreign Ministers have agreed to ban oil imports from Iran starting July 1 as part of measures to ratchet up the pressure on the Persian Gulf nation’s nuclear program, the 27-nation bloc said in a statement issued last week.

The EU will freeze assets of the Iranian central bank in Europe as well as of eight other entities and ban the trade in gold, precious metals, diamonds and petrochemical products from Iran, the EU said.

Iran Deputy Oil Ministry Ahmad Qalebani said oil prices could rise as high as US$ 150 a barrel in the future, according to news reports.

By PNA




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