Philippine News Agency
Palace vows prompt aid amid oil, fertilizer price hike concerns
The Philippine government is actively preparing to cushion the blow of potential oil and fertilizer price increases stemming from the escalating Middle East crisis.
President Ferdinand Marcos Jr. has directed officials to closely monitor the Iran-Israel conflict to enable swift aid for motorists should fuel prices surge.
Oil companies are mandated to maintain a 30-day fuel inventory, and a fuel subsidy for public transport and fisherfolk will be activated if crude oil prices exceed $80 per barrel.
The Department of Energy may also collaborate with oil firms to manage inventory levels and mitigate price fluctuations.
This proactive stance follows an announcement of a significant pump price hike of nearly P2 per liter effective June 17.
Topics in this story
Explore more stories about these topics.
🤖
This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.
News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
President Ferdinand Marcos Jr. has ordered government agencies to monitor Middle East tensions and prepare for potential spikes in global oil prices.
Read more →
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.
+2
Read more →
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.
Read more →
The Philippine government is expediting efforts to roll out fuel subsidies totaling P3.1 billion to shield public utility drivers (PUVs), farmers, and fisherfolk from the impact of soaring fuel prices amidst rising tensions in the Middle East.
Read more →
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.
+1
Read more →