Tensions in the Middle East have prompted fuel price increases, and the Department of Energy (DOE) said that gasoline and diesel prices in the Philippines could reach around P90 per liter. Amid the ongoing conflict in the Middle East, President Ferdinand “Bongbong” Marcos Jr. ensured that the country has enough supply of oil for at least 50 to 60 days.
President Marcos Jr. assured the public that the Philippines has sufficient oil supply amid the tensions in the Middle East. In a press conference, President Marcos Jr. shared that the Philippines currently maintains oil stockpiles that could cover approximately 50 to 60 days.
The President elaborated that the diesel reserves are sufficient for about 50.5 days; gasoline reserves for 51.5 days; kerosene for 67.5 days; jet fuel for around 58 days, and liquefied petroleum gas (LPG) for about 29 days.
President Marcos Jr. added that the country’s oil suppliers also maintain stockpiles that have not yet been exported. This could provide an additional supply source in case needed, but the President noted that the stockpiles from the country’s oil suppliers may “limit exports to preserve their own reserves” due to the ongoing crisis in the Middle East.
President Marcos Jr. also shared that the government is already finding alternative sources should the Middle East fiasco extend beyond the country’s 60-day oil supply window.
He also said that the government is ready to implement programs should oil prices breach 80 dollars per barrel. Among the initiatives that the government will implement is the Pantawid Pasada program, which includes fuel subsidies for affected sectors such as transportation and agriculture. The government is also considering the no-fare bus rides along major routes and holding fares down.
President Marcos Jr. is also considering the implementation of a four-day workweek in government agencies to be able to contribute to saving energy amid the ongoing crisis in the Middle East. Likewise, the President is urging the public to “adopt more efficient transportation practices and consider measures to reduce fuel consumption.”
Autocar’s Take
The ongoing tensions in the Middle East will continue to be felt globally as fuel prices continue their upward trend. In the Philippines, fuel prices have already spiked, and experts are saying that the upward trend will continue to be felt. The DOE itself cited that fuel prices in the country could reach up to P90 per liter, which will surely affect many sectors of the economy.
Due to the unpredictability as to how long the tensions in the Middle East will last, it is best that we do our part in saving energy or fuel. One of the things we can do is to plan our drives better, and only drive out if it is necessary.
