Senator Sherwin Gatchalian on Friday said the tension between Russia and Ukraine could aggravate the increase in prices of oil products.
Gatchalian, chairperson of the Senate Committee on Energy, said oil prices would certainly increase as economies start to open because of the decline in the number of COVID-19 infections.
"Even if Russia is not a supplier of oil and gas to the Philippines, the global supply disruptions will cause oil prices to escalate in the short to medium term," Gatchalian said. "Monitor global oil prices closely which may escalate in months to come due to uncertainty. We may need to suspend excise taxes as the last resort," he said.
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