After Iran okays ‘safe passage’ of Philippine-flagged ships, will things get better now?
The Philippines has secured a safe passage agreement with Iran for Philippine-flagged ships, reducing the risk of disruption to the country's fuel supply. The agreement is seen as a positive step, but Energy Secretary Sharon Garin notes that it does not eliminate all risks and fuel prices are expected to remain high due to damage to oil facilities in the Middle East.
The Philippines has secured a safe passage agreement with Iran for Philippine-flagged ships. This agreement reduces the risk of disruption to the country's fuel supply. Most of the Philippines' fuel is sourced from regional hubs like Singapore or Korea. The agreement strengthens protection for Philippine-linked cargo and improves the safety of Filipino seafarers. Fuel prices are expected to remain high due to damage to oil facilities in the Middle East. The Philippines has an average daily petroleum demand of 75 million liters or around 470,000 barrels.
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