If you own a motorized vehicle, you’ve probably noticed that fuel prices have been trending upwards lately. Russia’s ongoing conflict with Ukraine isn’t helping make matters any better, and according to the Department of Energy (DOE), motorists may want to brace themselves for worse.
In a statement, the DOE warned that spikes in fuel prices are inevitable given what’s going on in global markets. According to DOE secretary Alfonso Cusi, the situation in Europe is more reason for the country to work towards energy independence.
“Our country, as an importer of petroleum products, is again at the mercy of global price movements. We must work towards decreasing our dependence on others for our energy needs,” Cusi stressed.
DOE statement on fuel prices
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The agency also took the opportunity to highlight the measures being taken to help the country cope. These include coordinating with fuel companies for the extension of public transportation fuel discounts, proposed amendments to the Oil Deregulation Law, and the suspension of excise taxes on fuel.
Cusi also pointed out that the country’s oil supply is stable since local crude requirements are mostly filled by the Middle East. Still, he said, everyone should be frugal with their energy consumption during this time.
“We are not lacking in supply given that we source our crude oil requirements primarily from the Middle East, and finished products from Asia-Pacific. However, the impact of the Ukraine crisis on international oil markets does have a direct effect on our prices. This is why we continue to appeal to everyone to observe energy efficiency and conservation measures during this critical period.”
Well, that doesn’t sound too encouraging. Tell us how rising fuel prices have affected your motoring habits in the comments.
