Gatchalian to gov’t : Monitor oil price in PH amid US-Iran tension

MANILA, Philippines — Senator Sherwin Gatchalian on Wednesday urged the government to closely monitor the perceived increase in prices of oil and basic goods following the escalating tension between the United States and Iran.

“Dapat masusing bantayan ng gobyerno ang magiging paggalaw ng presyo ng iba’t-ibang bilihin kasunod na rin ng panibagong girian sa pagitan ng US at Iran,” he said in a statement, warning that the situation in the oil-rich region might affect local oil prices which will, in turn, affect prices of goods.

(The government should closely monitor the perceived increase in prices of different goods following the latest incident between the U.S. and Iran.)

According to Gatchalian, the Department of Energy, the Department of Trade and Industry, and the Department of Agriculture should assign personnel or create a task force that will monitor the prices of oil and primary goods in the local market to prevent businesses from taking advantage of the situation.

The latest conflict between the two countries escalated following a U.S. drone strike at the Baghdad International Airport on Friday that killed top Iranian general Qasem Soleimani, commander of the Revolutionary Guards’ Quds Force foreign operations arm, and Iraqi top commander Abu Mahdi al-Muhandis, deputy head of Iraq’s Hashed al-Shaabi military network.

Five days after the drone strike, Iran launched on early Wednesday a missile attack on an Iraqi airbase housing U.S. and allied forces.

Edited by MUF