President Ferdinand Marcos Jr assured Filipinos on Tuesday that the country’s fuel supply remains secure despite volatility in global oil markets triggered by escalating tensions between the United States and Iran.
Speaking at a press briefing at the Macanang Palacemon Tuesday, Marcos said oil prices initially surged to USD82 per barrel before easing to around USD76.50. “The initial shock has adjusted downwards,” he said, adding that such fluctuations were expected amid Middle East developments.
A decision by oil producing nations who belong to OPEC+ to raise daily output by another 206,000 barrels helped tempered increases in crude oil prices.
Marcos said that the Philippines maintains adequate petroleum reserves. Current inventory levels can cover about 50 to 60 days for gasoline, diesel, and fuel oil; 52 to 67 days for kerosene; 58 days for jet fuel; and 29 days for liquefied petroleum gas (LPG). Oil companies also maintain stockpiles that could supplement supply if needed.
The government has prepared contingency measures should the crisis persist, with some estimates suggesting disruptions could last four to five weeks. If Dubai crude averages between USD80 and USD90 per barrel for two months, targeted fuel subsidies may be rolled out for public transport drivers, farmers, and fisherfolk.
Fertilizer prices, another petroleum-linked commodity, are also being monitored.
“As soon as we breach USD80 per barrel, we will do something,” Marcos said.
Measures under consideration include assistance through the Pantawid Pasada program and possible fare subsidies on major transport routes.
The President is also discussing with Congress the option to grant temporary executive authority to reduce excise taxes on petroleum products if crude prices exceed USD80. He stressed that such measures would be emergency responses, not permanent.
The Department of Energy has been asked to coordinate with oil firms to stagger price increases and prevent sharp spikes at the pump.
Beyond fuel, Marcos said the government is monitoring potential impacts on remittances from overseas Filipino workers, particularly in Gulf countries, as well as the peso-dollar exchange rate and inflation.
Marcos stressed that safeguarding Filipinos in conflict zones remains the administration’s top priority, followed by measures to protect the working public from economic fallout.
The government’s approach combines preparedness, targeted subsidies, and close coordination with energy stakeholders to weather potential oil shocks without disrupting daily life.
