Marcos: PH seeking other oil suppliers amid price hike
The Philippines is looking for other countries to source oil, as tensions in the Middle East disrupt global oil markets.
During a Kapihan with the Media in New York on March 10, President Ferdinand Marcos Jr. addressed concerns about the oil price hike. Department of Energy Sec. Sharon Garin previously warned of a P17 to P24 per liter jump this week, adding that some fuel companies had agreed to stagger price increases by increments of P2.50 or P10.
Marcos said that the Philippine oil supply remains in "good shape," but other measures are still being done to brace for the crisis.
"Naghahanap tayo ng iba't ibang lugar na makapagbigay ng supply sa atin. We are talking to many other countries who we normally do not buy oil from, but hopefully we will be able to come to an agreement with them [and] get further supply from them," he said.
"The real problem here that everybody has to deal with, is hindi natin alam kung gaano katagal ito."
Marcos added that he will certify as urgent the bill seeking to grant the president emergency powers to suspend or reduce the excise tax on fuel. The measure, filed by House Speaker Bojie Dy and the presidential son Majority Leader Sandro Marcos, states that the powers would be authorized during conditions like the average Dubai crude oil price exceeding $80 per barrel for at least three months.
Crude prices reached $100 a barrel on Monday but have since dropped to $83.08 a barrel, according to the Wall Street Journal.
On March 6, Marcos announced that some government offices will follow a temporary four-day work week to cope with soaring fuel prices. He also ordered government agencies to reduce fuel and energy consumption by 10 to 20%.
According to a report from financial group MUFG Research, 95% of the crude oil that the Philippines imports comes from the Middle East.
