Energy Minister Daryl Vaz says measures are in place to mitigate impact of sudden price shocks

Energy Minister Daryl Vaz says that though international oil prices have surged due to the geopolitical tensions in the Middle East, measures are in place to mitigate the impact of sudden price shocks.

Iran pushed what many called the panic button by closing the Strait of Hormuz in response to Saturday’s attack on its territory by the United States and Israel.

The Strait is considered a key choke point for global oil shipping.

The situation has led to concerns about a spike at the pumps.

Addressing the matter at a post-Cabinet press briefing this morning, Mr. Vaz said crude oil and finished petroleum products are traded in separate markets and movements in crude oil prices does not proportionately impact local costs.