Gatchalian: Gov’t must ensure reduced oil prices as US-Iran war ends

MANILA, Philippines — Senate President Sherwin “Win” Gatchalian called on the government on Thursday to ensure that the effects of the agreement signed between the US and Iran would “swiftly” be felt in the country, particularly in lowering petroleum product prices.

Gatchalian issued his call after the US and Iran earlier signed a memorandum of understanding that is seen as finally ending the Middle East war.

READ: Dy rallies House: Shield Filipinos from oil price shock amid US-Iran war

According to Gatchalian, this development gives the country hope and confidence that fuel prices will soon start to stabilize at lower levels as the Strait of Hormuz is reopened without restrictions.

“I urge the Department of Energy to ensure that this development swiftly translates into meaningful reductions in petroleum prices and immediate economic relief for consumers,” said Gatchalian in a statement.

“For months, our countrymen — especially the public transportation sector, farmers, and ordinary consumers — have been bearing the high prices of goods caused by the war,” he further noted.

Gatchalian also called on the executive department to continue distributing assistance to sectors greatly affected by the rise in petroleum prices. /mr /atm