The invasion of Ukraine by Russia, one of the world's main oil producers, has resulted in enormous price hikes. As a result of this Russian aggression, rates in the Philippines, a net oil importer, have risen gradually every week this year in response to higher worldwide prices. Our energy systems, and thus our economy as one of the most vulnerable countries to man-made climate change are vulnerable to significant price increases due to the inflexibility of our power grids and our excessive reliance on foreign fuels. Currently, our electricity tariffs are among the highest in Asia. As if the burden on us consumers wasn't already too much, further price increases are on the way including Mindanao. According to industry sources, diesel and gasoline prices could climb by as much as P12 and P9 per liter, respectively.
With this, ECCP Mindanao is organizing another Mindanao Talks series entitled "Mindanao Talks: Impacts of the Current Crisis to the Energy Sector" on May 26, 2022, 10:00 AM-11:30 AM via Zoom. This webinar will talk about the power situation in Mindanao and its impact given the current crisis, best practices and coping strategies of the private sector along with a panel discussion.