President Marcos Directs DOE to Monitor Fuel Prices Closely
President Marcos has instructed the Department of Energy (DOE) to closely monitor fuel prices as tensions in the Middle East escalate. The president emphasized the need for vigilance to ensure timely government intervention if the crisis worsens and impacts the country’s 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,” Communications Undersecretary Claire Castro said during a Palace briefing on Tuesday, June 17. This means the DOE must carefully watch the situation to provide immediate solutions and assistance should fuel prices spike significantly.
DOE Watches Middle East Situation, Prepares for Impact
DOE officer-in-charge Sharon Garin is actively tracking developments in the Middle East, especially the possibility of the Strait of Hormuz closing. This critical maritime passage could disrupt global oil supplies, affecting local fuel costs. Currently, oil companies are mandated to keep a 30-day fuel inventory.
If crude oil prices surpass $80 per barrel, a fuel subsidy designed to aid public transport and fisherfolk will automatically take effect. The DOE will also coordinate with the Department of Agriculture (DA) and the Department of Transportation (DOTr) to provide necessary support.
DOE Plans to Manage Price Spikes
Should fuel prices rise excessively, the DOE plans to engage oil companies to maintain inventory levels and stagger price increases. “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 maaari ay ma-spread out ang oil price adjustments,” Castro explained.
She added that this cooperation would be voluntary and based on good communication between the government and oil firms.
Department of Agriculture Stands Ready Amid Fertilizer Concerns
The Department of Agriculture is also prepared to address 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.
The DA believes that any supply issues will be temporary, especially if 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.
For more news and updates on fuel price monitoring amid Middle East tensions, visit Filipinokami.com.