There is nothing more unusual about the foreboding oil price hike in the Philippines, as a result of the vicious armed conflict in Iraq. According to the Secretary of Energy Carlos Jericho Petilla he said that many countries are in a panicky mode because the unstable prices of oil products might be gravely affected. Further, he has this to say.

Again these are market forces. I can’t tell you whether it is going up or going down and by how much.

Iraq Militants on War Tanks

The negative and global repercussion of an Iraq conflict might cause a sudden oil price hike in the days to come.

Based on reliable sources, oil prices have already skyrocketed to $107 per barrel. As a result, the Energy Secretary says,

We’re not far from that but it can also go down depending on the production and the performance of the various economies like China and the US.

In the weeks to come, the disturbing oil price hike might result to a Php 1.00 of oil products based on the qualitative prognosis of the good natured energy czar of the Philippines.

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