How’s the current situation in your country amid the war?

[demonica]

I wanna know how’s the situation in other countries as well who are not directly affected by the attacks. Here in my country in the Philippines, we’re already seeing fear for the expected oil price hike. Some people are already panic buying fuels as it’s expected to increase more. Based on what on this, our country only has 60 days oil reserve. And it’s not enough because we don’t know until when this war will last.



Some gasoline stations already put up “out of stock” signage. It could be that they’re just hoarding it till the price increases even more. But regardless, we’ll definitely experience inflation. Oil price increases, transportation increases, electricity increases, all other stuff in the market are affected as well.

The government also urges the offices/companies to adapt a Work From Home setup. The executive offices are also looking into consideration to have a 4-day work setup and no unnecessary/unimportant travels to lessen the use of fuel for transportation.

Obviously, our country isn’t prepared for this one. And I’m worried of how big this problem will be in the next coming days.

[Die_empty]

I wanna know how’s the situation in other countries as well who are not directly affected by the attacks. Here in my country in the Philippines, we’re already seeing fear for the expected oil price hike. Some people are already panic buying fuels as it’s expected to increase more. Based on what on this, our country only has 60 days oil reserve. And it’s not enough because we don’t know until when this war will last.

I am fortunate to reside in a country that produces and refines crude oil. So there is no fear of limited supply. But we are already experiencing increased price. These businesses would want to take advantage of the situation to make more money even when they get supplies within the country.

Some gasoline stations already put up “out of stock” signage. It could be that they’re just hoarding it till the price increases even more. But regardless, we’ll definitely experience inflation. Oil price increases, transportation increases, electricity increases, all other stuff in the market are affected as well.

The government also urges the offices/companies to adapt a Work From Home setup. The executive offices are also looking into consideration to have a 4-day work setup and no unnecessary/unimportant travels to lessen the use of fuel for transportation.

Obviously, our country isn’t prepared for this one. And I’m worried of how big this problem will be in the next coming days.

Almost all petrol stations in my area have product the only problem is the price. We have not had any significant increases in the price of local commodities. Perhaps the price of imported products will start increasing, which will likely lead to inflation. I feel sorry for people in your country because hoarding of these products will cause untold hardship. The government needs to supervise these petrol marketers to ensure that they don't take advantage of this situation to enrich themselves.

[stompix]

Nobody gives a damn here other than the usual panikards!

Also, you could triple the barrel of oil cost and the price won't be double, we already pay more than half in taxes, out of 1.75 euros for gas 1 euro is taxes, less than 40 cents is the actual price of the oil in the final gas price, let's say the barel of oil will be $250 it will raise the gas price from 1.75 too 2.55...yawn
If we account for inflation, it would still be cheaper than in the 2000...

Also most of EU imports are not coming from the Middle East, lets see countries with 1/10 of the average wage trying to outbid us!

[Rikafip]

Here in EU where I am from, people definitely give a damn about the current situation, and it will be yet another hit on the budget as increase in gas price will cause  price increase for basically everything else.

Nothing else that we can do about it though other than suck it up and hope that this mindless war stops soon (which it doesn't seem like its going to happen anytime soon).

[Oasisman]

Some gasoline stations already put up “out of stock” signage. It could be that they’re just hoarding it till the price increases even more. But regardless, we’ll definitely experience inflation. Oil price increases, transportation increases, electricity increases, all other stuff in the market are affected as well.

The government also urges the offices/companies to adapt a Work From Home setup. The executive offices are also looking into consideration to have a 4-day work setup and no unnecessary/unimportant travels to lessen the use of fuel for transportation.

Obviously, our country isn’t prepared for this one. And I’m worried of how big this problem will be in the next coming days.

This is the PH, right?
Well, some people are panicking, they bough fuel, rice, and other necessities which value are expected to sky rocket in the next coming days, as the tension in the middle east are intensified. I don't know if it helps them save or they helped businessmen sold their products rapidly at a higher price, lol.
Also, the 4-day work week, I don't think it will help the people save in this hyperinflation. Unless they extend their working hrs up to 10 hrs/day to cover Friday in the payroll. Well, that's what I've heard from the local government offices right here.

[abhiseshakana]

My country on high alert conditions due to Iran-US conflict. Based on government information, Indonesia imported around 1 million barel a day. Businessman already worry about security of supply and deficit possibility due to price increase. But from frmal announcement, our country supply is safe for 20-25 days. The easiest solution are import oil from USA as an alternatif. Society still not panicking because they are on Ramadhan fasting month, they full concentrated on Ied which will be come within 11 day. Ied is biggest event, biggest holiday and celebration in Indonesia, because muslim majorities. A month before Iead is biggest transaction month in Indonesia from food, apparel, transportation, travel and tourism. After Ied i think Indonesia people will start panicking if government can not find solution for oil problem or make decision to raise fuel price. Another problem our governement face is 2 of Indonesia tankers suspended in Hormuz strait and diplomatic negotiation still not succeded yet. Iran government rather dissapointed with Indonesian government because Indonesia joined board of peace which make negotiation extra tough.

[Furball808]

When these oil reserves run out, it’s possible we try to switch to alternatives. There are other sources of energy but it won’t be as efficient as oil so expect that transportation would be more expensive whether that’s to transport goods or people. This will create a ripple effect and the rest of the economy will suffer.

Some gasoline stations already put up “out of stock” signage. It could be that they’re just hoarding it till the price increases even more. But regardless, we’ll definitely experience inflation. Oil price increases, transportation increases, electricity increases, all other stuff in the market are affected as well.

Some of the gasoline stations may have put that up because a lot of people have already hoarded gas. Like how people bought lots of tissue paper during the pandemic. Cleaning materials then were so expensive.

[Findingnemo]

People thought that price of fuel is going to be doubled the next wek so they just drained most of the fuel stations but there is no sign of those things are happening and government said there is enough reserves for few months and also the oil price hiked a bit along with other gas products but if the war breaks out further and US blocks the oil for more than few weeks then it is going to affect the living cost for sure.

[crwth]

Seeing how the Strait of Hormuz is being disrupted will definitely affect oil shipments. Based on the data^[1] from the Institute of Energy Research, 20% of the oil passes through this. I think this will ripple through the times still. I do hope that this gets resolved soon. This is a crisis for 3rd-world countries like the Philippines.


[1] - https://www.instituteforenergyresearch.org/fossil-fuels/gas-and-oil/persian-gulf-oil-exports-and-the-strait-of-hormuz/

[_act_]

Nothing else that we can do about it though other than suck it up and hope that this mindless war stops soon (which it doesn't seem like its going to happen anytime soon).

That is just it. Trump first started with his tariffs war which most countries in the world felt. He moved to Greenland as if he wants to become a dictator. Now he started a war in the West Asia. A country that has not attacked any country in many years ago until United States and Israel prefer to go for the war that will not end in favour of the two nations. They just want people to be killed. They are the cause of this war which makes the price of crude oil to be shooting up since the market opens last week Monday. Although, it was an opportunity for some people that are trading crude oil but many people will have to pay the price.

[Spaceman1000$]

I wanna know how’s the situation in other countries as well who are not directly affected by the attacks. Here in my country in the Philippines, we’re already seeing fear for the expected oil price hike. Some people are already panic buying fuels as it’s expected to increase more. Based on what on this, our country only has 60 days oil reserve. And it’s not enough because we don’t know until when this war will last.



Some gasoline stations already put up “out of stock” signage. It could be that they’re just hoarding it till the price increases even more. But regardless, we’ll definitely experience inflation. Oil price increases, transportation increases, electricity increases, all other stuff in the market are affected as well.

The government also urges the offices/companies to adapt a Work From Home setup. The executive offices are also looking into consideration to have a 4-day work setup and no unnecessary/unimportant travels to lessen the use of fuel for transportation.

Obviously, our country isn’t prepared for this one. And I’m worried of how big this problem will be in the next coming days.

Oil prices are going to skyrocket no doubt, but there are lots of oil producing countries around the world you people can get oil from, when one do closes another one opens. But over the years, there is something I've noticed with oil prices especially on the international market, whenever crisis happens, no matter how small it is, the oil marketers use that opportunity to increase price arbitrarily, they are always good at using any excuse to build up oil price.

[The Cryptovator]

I wanna know how’s the situation in other countries as well who are not directly affected by the attacks. Here in my country in the Philippines, we’re already seeing fear for the expected oil price hike. Some people are already panic buying fuels as it’s expected to increase more. Based on what on this, our country only has 60 days oil reserve. And it’s not enough because we don’t know until when this war will last.

The situation is becoming worse in my country. Though we aren't affected through direct attack, it's all about due to fuel reserves. I have heard in the news that even murder happens due to fuel refills. There was an argument at the gasoline station with the staff and a customer regarding limitations of fuel. Because our government limited the refill for fuels, even if you have money, you can't fill the tank. Because the government wants to make sure it sustains longer with fuel reserves. There is not much reserved for fuel, which is less than a month.

If the war continues longer, then most probably everything will be hiked here. We are already encountering a little bit of an increase for a few goods that are needed for daily life. I am afraid if the war doesn't stop soon, then many countries will have to suffer. Actually we have to take a lesson from this war: governments always have to reserve fuels for the country as much as possible. So in such unexpected situations, the government could control the fuel price, and it will be available for the citizens.

[knowngunman]

I wanna know how’s the situation in other countries as well who are not directly affected by the attacks. Here in my country in the Philippines, we’re already seeing fear for the expected oil price hike. Some people are already panic buying fuels as it’s expected to increase more. Based on what on this, our country only has 60 days oil reserve. And it’s not enough because we don’t know until when this war will last.

I am fortunate to reside in a country that produces and refines crude oil. So there is no fear of limited supply. But we are already experiencing increased price. These businesses would want to take advantage of the situation to make more money even when they get supplies within the country.

Do you reside in Nigeria Die_empty? What you describe is the same as what is happening in Nigeria and I'm curious whether you live in Nigeria or its just a coincidence. Nigeria is fortunate to have crude oil and at the same time have a refinery to refined this crude oil but unfortunately there's no much to write home about when it comes to price of fuel. Even though the active refinery is a private company that gets crude oil locally and in local currency, the effect of this ongoing war has already kicked in and the fuel price has jump up from 830NGN to 1080NGN since three days now. And yeah, scarcity is never a problem here but price increment is surely is.

[aioc]

While posting, I am watching news about the price hike here in our country, and it's turning from bad to worse, many gas stations are closing, and there's a long line of motorists.

Some bus and jeepney drivers minimize plying their route, and some have stopped and just do other jobs, like doing mechanics.
The 60-day reserves are really not enough, as there is no news of a ceasefire.
Our government is not ready; they do not know how to face the situation when the reserves run out.

[davis196]

I'm surprised that Vietnam has oil reserves for only 15 days. The situation will come back to normal by the end of March. Nobody wants the Strait of Hormuz to be closed for a long timeframe. Even Iran doesn't want the Strait to be closed for long, because Iran also exports oil and the Iranian economy desperately relies on the oil export towards China. My country has oil reserves for about 2 month(according to the government), and I'm not concerned at all about a possible oil and gasoline shortage. What annoys me the most is the gasoline prices going up a few cents every day. Things will get back to normal after a while.

[Somegory]

I wanna know how’s the situation in other countries as well who are not directly affected by the attacks. Here in my country in the Philippines, we’re already seeing fear for the expected oil price hike. Some people are already panic buying fuels as it’s expected to increase more. Based on what on this, our country only has 60 days oil reserve. And it’s not enough because we don’t know until when this war will last.

I am fortunate to reside in a country that produces and refines crude oil. So there is no fear of limited supply. But we are already experiencing increased price. These businesses would want to take advantage of the situation to make more money even when they get supplies within the country.

Do you reside in Nigeria Die_empty? What you describe is the same as what is happening in Nigeria and I'm curious whether you live in Nigeria or its just a coincidence. Nigeria is fortunate to have crude oil and at the same time have a refinery to refined this crude oil but unfortunately there's no much to write home about when it comes to price of fuel. Even though the active refinery is a private company that gets crude oil locally and in local currency, the effect of this ongoing war has already kicked in and the fuel price has jump up from 830NGN to 1080NGN since three days now. And yeah, scarcity is never a problem here but price increment is surely is.

We are in trouble, I believe this is going to get tougher as time goes on because the war isn't looking like it's going to be over soon, the more the war on Iran is ongoing the more the fuel will keep going up in price.

How do you guys even cook? Because gas is also affected, although not as much as fuel but we don't know what things will look like in the next 30 days from now.

Let's hope and pray that Iran and US war won't be like Ukraine or else we can end up buying fuel at 2000 per litre very soon.

[UpTober]

Considering that there is no alternative to fuel oil, developed countries had already stockpiled fuel oil for a long time, but this did not happen in the case of developing countries. Most developing countries had stockpiled fuel oil for only 10 days, 15 days, 20 days or a month, due to which they are now facing problems. I do not know when this war will end or when the world fuel oil trade will normalize, but until these things normalize, there will be a severe fuel crisis in developing countries. Already, after watching the news of many countries, I can learn that different countries have reduced the level of fuel supplied to customers, on the contrary, the governments of different countries are thinking about increasing the price of fuel oil. Today, I saw a news where the price of crude oil has increased by $100 per barrel in the world market, this is the highest increase after Corona. If the price of crude oil increases by 20 percent to 30 percent, then the price of fuel oil will definitely increase a lot in different countries.

[coin-investor]

Not good and will turn to an ugly scenario if the war continues until our 60-day reserves are exhausted, we are so dependent on oil that's coming from the Middle East, our government should find a new source, or it will be chaos.

Because of this war, our government should consider alternative sources of energy, such as solar and hydroelectric power.
Right now, the government is considering removing the excise tax, but this would reduce government revenue and could halt all infrastructure projects. It's the worst-case scenario because of the war.

[freedomgo]

This is not good. Tomorrow we’ll experience the first price increase, it will be staggered according to the government but the initial increase in gasoline is already more than 10%. And that’s just the start, because once fuel prices go up the rest usually follows, especially basic goods.

It’s a big burden for the poor since many are already struggling and now this happens. War really affects everyone, even if we’re far from the countries directly involved we still feel the economic impact of it.

[bhadz]

Obviously, our country isn’t prepared for this one. And I’m worried of how big this problem will be in the next coming days.

Sadly, that is true. And our president went to visit USA instead of focusing on this matter. He's leaving it to his caretaker who are his secretaries of different agencies. It's said that there's no more budget for the repatriation of the other filipino's that are stuck in those countries that are being attacked by Iran. I've also seen the gasoline stations that have temporarily put the "out of stock" sign because it's only one day until the price hike happens. These are the buffer stocks that these petrol companies has got and yet, they have increased in price.