President Ferdinand “Bongbong” Marcos Jr. assured the public that the government is prepared to deploy contingency measures should global oil prices persist near the $80-per-barrel mark amid Middle East tensions.
Marcos said targeted fuel subsidies and a possible temporary cut in excise taxes on petroleum products are among the tools under consideration.
Dubai crude briefly rose to about $82 per barrel before easing to around $76.50, but Malacañang emphasized that preparations are in place for a prolonged spike.
The President noted that interventions may be activated if Dubai crude prices hover between $80 and $90 per barrel for two months.
Among the measures contemplated is the rollout of fuel subsidies for public utility vehicle drivers, farmers, and fisherfolk to cushion the impact of higher pump prices.
On fiscal options, Marcos said he would consult with congressional leaders about granting him emergency authority to temporarily reduce excise taxes on petroleum products should prices surge again.
“This is not yet a sure thing… but this is something that we are discussing,” he said, stressing that any reduction would be temporary and limited to crisis conditions.
To ease public concerns about supply shortages, Marcos pointed to stockpiles monitored by the Department of Energy (DOE):
- Diesel: 50.5 days
- Gasoline: 51.5 days
- Fuel oil: 51.5 days
- Kerosene: 67.5 days
- Jet fuel: 58 days
- LPG: 29 days
“So we are okay for that period of time,” he added.
The DOE has also coordinated with oil companies to stagger price adjustments where possible to mitigate sudden spikes at the pump.