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Marcos orders oil contingencies
President Ferdinand Marcos Jr. has ordered government agencies to monitor Middle East tensions and prepare for potential spikes in global oil prices.
The Department of Energy (DOE) is directed to talk to oil companies to ensure adequate stockpiles and stagger fuel price adjustments.
Brent crude futures have risen almost 6% due to heightened risks, trading around $73.58 a barrel.
Philippine oil companies are mandated to maintain a 30-day fuel reserve to mitigate supply disruptions.
A price increase of more than $80 per barrel of crude oil will trigger financial aid for public transport and fisherfolk.
The government is also considering additional aid packages for basic goods in case of price surges.
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President Ferdinand Marcos Jr. confirmed the government is preparing fuel subsidies for public utility vehicle (PUV) drivers and other sectors potentially affected by oil price hikes due to escalating Middle East tensions.
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The Philippine government is actively preparing to cushion the blow of potential oil and fertilizer price increases stemming from the escalating Middle East crisis.
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President Ferdinand R. Marcos Jr. will convene with his economic team to evaluate the potential repercussions of the escalating Middle East conflict on fuel prices and the economy.
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The Department of Energy (DOE) is appealing to oil companies to stagger fuel price adjustments, especially during sudden spikes in global oil prices, to cushion the impact on local consumers.
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Motorists in the Philippines are set to face significant fuel price increases starting Tuesday, June 24.
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