PCCI Warns Businesses: Prepare For High Oil Prices

The Philippine Chamber of Commerce and Industry (PCCI) has issued a warning to businesses regarding the potential for rising fuel prices caused by geopolitical tensions in the Middle East.

The ongoing conflict could contribute to increased volatility in oil prices, which were recently affected by Saudi Arabia's reduction in oil production due to decreased demand.

PCCI President George T. Barcelon expressed concerns about the situation, stating, "We are currently facing headwinds, including the Middle East conflict, which is once again creating uncertainty."

He added that he hopes the situation does not escalate to the point where major Middle Eastern countries become involved.

The ongoing conflict could contribute to increased volatility in oil prices, which were recently affected by Saudi Arabia's reduction in oil production due to decreased demand.

According to data from the Department of Energy, local oil companies implemented price reductions on October 10, including a decrease of P3.05 per liter for gasoline, P2.45 per liter for diesel, and P3 per liter for kerosene.

Despite these recent price adjustments, Barcelon emphasized that the Middle East conflict might trigger a subsequent increase in oil prices. He noted that this is a significant concern, especially considering the government's focus on inflation mitigation.

Any increase in energy prices is expected to have a ripple effect on the prices of commodities and the costs associated with transporting goods from one location to another.

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