Unang Balita is the news segment of GMA Network's daily morning program, Unang Hirit. It's anchored by Arnold Clavio, Susan Enriquez, Ivan Mayrina, and Mariz Umali, and airs on GMA-7 Mondays to Fridays at 5:30 AM (PHL Time). For more videos from Unang Balita, visit http://www.gmanetwork.com/unangbalita.
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NewsTranscript
00:00It's a big hardship for the drivers.
00:03The new big-time oil price hike will be implemented starting today.
00:082 pesos and 70 centavos per liter of diesel,
00:172 pesos and 65 centavos per liter of gasoline,
00:22and 2 pesos and 60 centavos per liter of kerosene.
00:27At 6 a.m. this morning, the big-time oil price hike started.
00:35Here at the gas station,
00:38several motorists and vehicles queued up before 6 a.m.
00:46to catch up with the big-time oil price hike.
00:49Meanwhile, we have with us the director of the big-time oil price hike,
00:55Atty. Rino Abad, the director of the Oil Industry Management Bureau of the Department of Energy.
01:01Good morning to you, Director.
01:03Atty. Maris, this is Maris.
01:08Good morning, Ms. Maris, and good morning to the countrymen.
01:16Alright, first of all, Atty.,
01:18why is the big-time oil price hike being implemented this high?
01:24Why is the big-time oil price hike being implemented this high?
01:28Well, the net increase from last week's five trading days has increased.
01:40And it has reached that level of adjustment,
01:45the average that happened last week.
01:50For example, our gasoline, last week, Monday of the second week from last week,
01:59because we are comparing two weeks,
02:01the price of gasoline started at 76.94 USD per barrel.
02:09But when Friday last week, the price of gasoline reached 83.
02:15So from 76.94 USD, it reached 83.46 USD on Friday last week.
02:23So the price really rose from 76.94 USD to 83.46 USD.
02:28Let's use that as an example for gasoline.
02:30That's why the price really rose.
02:35Alright, Atty., how big is the effect of the ongoing tension in the Middle East?
02:46Well, Ms. Maris, that is the primary reason for the increase.
02:53But let's be clear, there is no supply disruption,
02:59there is no stoppage in the Persian Gulf in the delivery of oil.
03:05So in most likelihood, this is brought about by speculation, the increase.
03:12At some point, its effect will wane off and we will return to the fundamental situation
03:21before the mid-Iran attack to Israel, where there is an oversupply and a decrease in demand.
03:30And most likely, if Israel does not retaliate against Iran in the near future,
03:38we might be able to return to the rollbacks.
03:43Alright, what are our expectations?
03:45You mentioned that it is possible to return to the rollbacks.
03:50Because the question now of many drivers and motorists is,
03:54what are our expectations for the coming weeks?
03:56Will it continue while there is ongoing tension in the Middle East?
04:00Will it continue like this, that there is a big-time oil price hike?
04:07Or will we expect a rollback in the coming weeks, Atty.?
04:12Maris, you are correct in saying that the effect of this speculation will wane off
04:18because there is no supply disruption in the Persian Gulf.
04:23There is no problem, there is no stoppage in the supply that happened to Iran,
04:29even though it was included in the problem with Israel.
04:33So, the speculative effect of their conflict will really wane off.
04:40What we don't want to happen is that the speculation will be reinforced.
04:47The first step is to reinforce the speculation if Iran retaliates against Israel.
04:54If that does not happen in the span of how many weeks,
04:59it looks like we will reach our old fundamental situation in the supply-demand of oil,
05:07where the supply is high and the demand is low.
05:11That is why the price is good.
05:13Maybe we will really reach the rollback.
05:19Alright.
05:20Atty., in your studies in the Department of Energy,
05:23is there a possibility that we will have our own source of oil?
05:27And that we will not just rely on other countries?
05:32There is a chance that the Department will be aggressive in awarding what we call service contracts,
05:40oil and gas service contracts.
05:42However, Maris, we haven't seen or discovered for a long time.
05:51If we discover something in the coming years, we will develop it.
05:58It would take us probably five to seven years to do exploration.
06:05And that is also the time to develop the area before we can produce it.
06:11Admittedly, it will take a long time for us to use it.
06:17If we can find something, that would be the first problem.
06:21If we can find an area that has oil reserve or oil supply.
06:32And it will take a long time for us to go back to the rollback and price hike
06:38that is expected due to the speculations around us.
06:43Thank you very much for the information you gave us and for your time, Atty. Rino Abad,
06:49the Director of the Oil Industry Management Bureau of the Department of Energy.
06:53Good morning to you.
06:55Good morning to your program.
07:13Thank you very much.
07:43Thank you very much.
08:13For more information, visit GMA Pinoe TV at www.gmanews.tv.