President Duterte asked the public to brace for more difficult times once prices of petroleum products are raised again in the world market. He said the Philippines hardly has any economic weapon to combat it.
Duterte admitted the nation has been suffering from steady inflation and an impending increase in world oil prices can only put an additional burden on Filipinos.
The prices of petroleum products usually see an upward tick during the end of the year as demand for oil increases during the winter season.
“The world cannot move because oil is everything. There’s not enough solar power to run this country,” Duterte told reporters in Davao City early Friday after arriving from Bali, Indonesia where he attended the Association of Southeast Asian Nations (Asean) Leaders’ Gathering.
“This is not the end of the story, guys. Sabihin ninyo panahon ko talagang maghirap. If things will move forward in accordance with the present calculations now, talagang sa panahon ko maghirap tayo. Kung mag-wala kayo, ‘di lahat na tayo. Mag-wala na tayong lahat kasi ako apektado rin. Iyan ang problema ngayon,” he said.
He said it would be difficult for countries, like the Philippines, which do not have their own oil reserves, saying oil producing countries would not worry about it.
Image credits: AP /Aaron Favila