If petroyuan happens, how will it affect the global economy? since the chinese governement isn't printing infinite amount, and the volume of yuan currencies outside of their government isn't as big as the dollar.
why does it happen? and how will it stabilize and return to normal (or a new normal)?
Even if Philippine-bound oil is allowed to pass through the Strait of Hormuz, it won't do much to lower the price of fuel products. It's crude oil that is only imported from the middle east, and the country only has 1 oil refinery (Petron). Shell had one, it closed during pandemic. Caltex had one, it closed on 2003.
On the crude oil part. Petron's refinery only has a capacity of 180,000 barrels per day of processing which isn't enough for our daily demand which was around 420,000 barrels per day (2024 data). Singapore has 2 of the highest refinery capacity in southeast asia, 550,000 and 600,000 barrels per day.
On the finished fuel products part. Our prices are based on MOPS (Mean of Platts Singapore), is a benchmark for pricing fuel products. If i'm not mistaken, crude import is the same as the world market (OPEC Basket price) and they put a cost called "Crack Spread", which is the "processing fee" from crude to finished product. That crack spread is now around 50-60 usd per barrel because of crude oil supply disruption (law of supply and demand). it was around $10 when supply was steady.
Around 95-97% are imported from asian neighbors, South Korea, China, Singapore, Malaysia (not everyone has stable supply). This is because the price of imported fuel before is not far from the price of refining. Since our neighbors have massive refining capacity, therefore much lower refining cost.
Add from the cost of importation is Freight, VAT, Excise Tax, and Gross Margin of Oil Companies. We are still screwed unless our import source get a stable supply of crude oil.
Edit: I'm not saying there won't be any impact. I'm just saying PH access of Strait of Hormuz "alone" will have a big impact as people expect it to. Petron has a greater benefit because of refinery, I think that is why they have the cheapest price among the big 3 companies. It's still a great achievement for the government. A win is still a win no matter how big or small.