MANILA — As global tensions in the Middle East continue to drive price volatility, President Ferdinand “Bongbong” Marcos Jr. has ordered the creation of a task force to secure the country’s oil supply and accelerate fuel stockpiling, according to Palace Press Officer Claire Castro.
The directive was issued even before formal proposals were completed, signaling the administration’s push for immediate safeguards to prevent supply disruptions and protect consumers, Castro said.
The planned body will focus on stabilizing supply chains and ensuring the continuous availability of petroleum products and other essential goods, although details on its composition and operations are still being finalized.
Despite rising global oil prices, the Palace stressed that the Philippines is not facing a supply shortage at this time.
“Sa ngayon ay hindi pa kinukonsidera na mayroon tayong oil crisis dahil kumpleto po tayo at enough po ang supply ng langis,” Castro said, citing data from the Department of Energy (DOE).
She said government agencies have been instructed to ensure uninterrupted distribution nationwide.
“Nagpupursige po ang DOE at ang pamahalaang ito, sa utos na rin po ni Pangulong Marcos Jr. na hindi mapatid ang suplay ng langis o produktong petrolyo sa ating bansa,” she said.
The Palace also disclosed that additional fuel reserves are being secured, with at least 440,000 barrels already lined up for delivery and another 600,000 barrels expected to arrive soon.
Amid mounting concerns over pump price increases, Castro reiterated that local fuel prices are determined by global market movements under the Oil Deregulation Law.
“Ang pump prices po ngayon ang nagri-reflect ng current global market conditions… at hindi sa historical acquisition cost,” Castro said.
While the government cannot directly control pump prices, she said regulators can intervene against irregularities or abusive practices.
Castro added that authorities continue to closely monitor global developments and are ready to implement measures to cushion the impact of rising fuel costs on consumers as needed./PN
