MANILA — President Ferdinand “Bongbong” Marcos Jr. on Tuesday moved to calm fears of a looming energy crisis, assuring Filipinos that the country has sufficient petroleum reserves even as escalating tensions in the Middle East threaten to drive pump prices sharply higher in the coming weeks.
Speaking at a press briefing at Malacañang Palace, Marcos said the Philippines maintains adequate stockpiles of key fuel products despite volatility in global oil markets triggered by the ongoing conflict involving the United States and Iran.
“We have sufficient supply of oil. Mayroon tayong stockpile… in terms of gasoline, fuel oil, and kerosene,” the Chief Executive said.
The assurance came as the Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) warned that domestic pump prices could jump by as much as P10 per liter if global crude prices continue their upward climb.
DOE-OIMB Director Rino Abad said sharper increases may follow should international oil prices surge further in the coming days.
“Kapag umabot po ng US$20 [ang increase per barrel], hindi na. Magkakaroon pa tayo ng probably P7 to P10 per liter na magiging increase,” Abad said.
“So far ngayon, ang estimate po natin, may umi-increase na first day of trading ng P5 to P10 per liter. Ang impact ng first trading pa lang na adjustment nung MOPS price,” he added.
Energy officials are closely monitoring trading movements, particularly the Mean of Platts Singapore (MOPS), which serves as the benchmark for regional fuel pricing and directly influences local pump adjustments.
Abad said the Energy department is coordinating with the Department of Transportation and the Department of Agriculture on the possible rollout of fuel subsidies should prices breach critical thresholds.
Under existing guidelines, fuel assistance programs may be activated if Dubai crude averages at least $80 per barrel for a month./PN
