Gatchalian urges DOE to craft oil supply contingency plan

Senator Sherwin Gatchalian urged the Department of Energy (DOE) to create contingency plans due to potential oil supply disruptions caused by the Russia-Ukraine conflict.

Gatchalian explained that the escalating tension between Russia and Ukraine, a major global oil and gas supplier, will likely worsen the increase in oil prices already expected as economies reopen.

He emphasized that even though Russia is not a direct supplier to the Philippines, global supply disruptions will inevitably lead to price hikes in the short to medium term.

To mitigate the impact on the public, Gatchalian proposed extending assistance to public utility and food transport drivers through the Pantawid Pasada program, ideally disbursed via e-wallets.

As a last resort, he suggested the government consider suspending excise taxes on oil products to address the crisis.