Stella Quimbo explains why fuel prices are high amid Russia-Ukraine war
Stella Quimbo said Pinoys cannot claim to be unaffected by the rising tensions between Russia and Ukraine.
“Stressed sa presyo ng gasolina? Isa iyan sa epekto ng Ukraine-Russia conflict sa Pilipinas,” the politiko said, dissecting the conflict and its impact on the country through a TikTok video.
The Marikina congresswoman and economist explained the law of supply and demand, and how sanctions imposed by foreign countries against Moscow is pushing world crude prices to all-time highs.
Quimbo said Russia produces 10% of global oil supply, and since their oil tankers are banned from shipping fuel to European states, supply is short so prices are even higher.
Now you know!