who added that a price hike is inevitable due to the developments on the international oil market. Minister Baasaron said that worldwide fuel prices are currently under pressure due to the tensions in the Strait of Hormuz. More than 1,000 cargo ships, mainly oil and gas tankers, have been blocked from transiting the Strait of Hormuz by the Israeli-US war against Iran after Tehran closed the key maritime passage, with a potentially large global economic impact. US officials have suggested an international naval taskforce to reopen the strait, but enthusiasm remains low from other countries to join it, with a number saying they had no plans to participate or offering only minimal assistance. The strait is the only maritime passage out of the Gulf and the route for about a quarter of the world’s liquefied natural gas and seaborne trade. Shipping is confined to a pair of two-mile-wide lanes, one for outbound traffic and one for incoming, separated by a two-mile-wide meridian. “If the world market price goes up, we will also notice it in Suriname,” said Minister Baasaron who added that the price of one barrel of crude oil is currently around $ 103. Suriname is heavily dependent on imported fuel so if the price goes up on the world market, it will also directly effect the local fuel prices. “We are currently talking about a rise of about SRD 1 to 2 per liter. But if the situation worsens, we will head towards a price of SRD 60,” said Minister Baasaron who also expects a rise in fuel prices to push up other prices in the nation’s economy. Transportation prices will rise and that will also result in higher retail prices. Despite the looking price hikes, Minister Baasaron urges consumers not to panic as fuel suppliers and retailers still have enough supplies to keep the situation under control.