‘I think that will again spike the prices more than anything else. Anything that happens there affects the prices. If there’s a declaration (of full closure) if it’s true, there will be an immediate reaction of the market.’
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The Department of Energy (DoE) may again restrict fuel price increases if rising tensions in the Middle East trigger another oil price spike, Energy Secretary Sharon S. Garin said.
Asked if the government could bring back stricter pricing rules after recently easing them, Garin said: “Yes.. We have to restrict the increases again.”
Full closure
Garin said a reported full closure of a key shipping route in the Middle East, if confirmed, would likely push oil prices higher.
“I think that will again spike the prices more than anything else. Anything that happens there affects the prices. If there’s a declaration (of full closure) if it’s true, there will be an immediate reaction of the market,” she said.
The DoE chief said the government remains vigilant because many suppliers still source fuel from the region.
Stay vigilant
“We still have to stay vigilant because many of our suppliers still get from the Middle East. But now, the situation is better because our suppliers know where to get already. But still, that means we’re still not out of the crisis,” she said.
Garin said supply disruptions are a bigger concern than higher prices. “We would have price increases. But my worry is more on the supply rather than on the price. The behavior of consumers seems to return to pre-war, so we have to go back to saving,” she said.
She said fuel suppliers continue to honor long-term contracts. However, a prolonged disruption could put pressure on supply.
“In relation to the price, we have to also watch out for the supply. We have been assured that we have suppliers, and they honor long-term contracts. If this is prolonged, I don’t know how long everybody can sustain the situation,” she said.
