Marcos Urges Close Monitoring of Middle East Tensions
President Marcos has instructed the Department of Energy (DOE) to closely monitor the impacts of the ongoing tensions in the Middle East on fuel prices in the country. This close monitoring aims to ensure timely government intervention should the situation worsen and threaten the fuel industry.
“I-monitor pong mabuti kung anong sitwasyon para po makapagbigay ng agaran ding solusyon at kahit papaano po ayuda kung talaga pong sobrang tataas ang presyo ng krudo,” said Communications Undersecretary Claire Castro during a Palace briefing. (Closely monitor the situation in order to provide an immediate solution and, if necessary, some form of assistance in case fuel prices rise significantly.)
DOE’s Preparedness Amid Rising Risks
DOE officer-in-charge Sharon Garin is actively keeping an eye on developments, especially the possibility of the Strait of Hormuz closing, which could disrupt oil supply. Currently, oil companies are mandated to maintain a 30-day fuel inventory.
If crude oil prices rise above $80 per barrel, the government’s fuel subsidy for public transport and fisherfolk will be triggered. The Departments of Agriculture (DA) and Transportation (DOTr) will be informed to prepare assistance programs.
Strategies to Mitigate Price Surges
Should fuel prices spike excessively, the DOE plans to negotiate with oil companies to maintain inventory levels and stagger oil price adjustments. “Kung sobra daw po talaga ang pagtaas at hindi maiwasan, makikipag-usap po ang DOE sa mga oil companies para po ma-maintain iyong inventory levels po at hangga’t maari ay ma-spread out ang oil price adjustments,” Castro explained. (If the increase is truly excessive and unavoidable, the DOE will talk to the oil companies to maintain inventory levels and, as much as possible, to spread out the oil price adjustments.)
She clarified that such cooperation would be voluntary and depend on good communication.
Department of Agriculture Ready for Fertilizer Supply Impact
The Department of Agriculture is also prepared to address any potential disruptions in fertilizer supply due to the Middle East tensions. “Nakausap po natin kanina lamang po si DA Secretary Laurel at sinabi po niya na ready naman po at kung mangyayari man po ito, maaari po tayong kumuha sa ibang parte ng mundo na malapit sa atin katulad po ng Brunei,” Castro said. (We just spoke with Secretary Francis Laurel, and he said they are ready. If this happens, we can source supplies from other parts of the world that are close to us, such as Brunei.)
The DA assesses that these tensions will not cause long-term problems, particularly if key sea lanes remain open. “At nakikita rin naman po ng DA na hindi naman ito magdudulot ng pangmatagalan na problema lalong-lalo na po kung hindi naman daw po isasara ang sea lanes so let’s just pray for that,” she added.
The government continues to watch the situation closely, ready to provide aid and implement measures to safeguard the fuel industry and agricultural supplies from external shocks.
For more news and updates on Middle East tensions, visit Filipinokami.com.