Manila: President Ferdinand R. Marcos Jr. has ordered the creation of a crisis committee to ensure stable oil supply and protect consumers from the impact of the Middle East conflict, Malaca±ang said Monday. Palace Press Officer Claire Castro stated that the directive was issued even before proposals surfaced, with the formal document now being finalized. The crisis body will focus on securing supply chains and ensuring the continuous availability of fuel and other basic commodities. No further details were provided.
According to Philippines News Agency, the Palace official clarified that while global tensions have driven up oil prices, the Philippines is not experiencing an oil supply crisis. "Sa ngayon ay hindi pa kinukonsidera na mayroon tayong oil crisis dahil kumpleto po tayo at enough po ang supply ng langis (At present, this is not considered an oil crisis because we have complete and sufficient oil supply)," Castro said, citing the Department of Energy (DOE). She added that the government is actively working to prevent supply disruptions.
The DOE and the government, under the orders of President Marcos Jr., are working to ensure there will be no disruptions in the supply of oil and petroleum products in the country, Castro noted. Ongoing negotiations for additional fuel imports are in place, including 440,000 barrels already in the pipeline and another 600,000 barrels expected. The Palace also addressed concerns over rising pump prices, explaining that under the Oil Deregulation Law, fuel prices are based on prevailing international benchmarks rather than acquisition costs.
"Ang pump prices po ngayon ang nagri-reflect ng current global market conditions. at hindi sa historical acquisition cost (Pump prices reflect current global market conditions and not historical acquisition cost)," Castro said. She emphasized that while the government cannot dictate prices, regulators can act against abuses. Despite price pressures, Castro stated that the government continues to monitor the situation closely and implement measures to cushion the impact on the public.
