Marcos flags risk from Mid-East tension
President Ferdinand Marcos Jr. said the government is preparing to roll out targeted fuel subsidies to protect the most vulnerable sectors from a potential spike in oil prices triggered by the escalating conflict in the Middle East.
Describing the situation as a “serious problem,” Marcos said the administration is moving early to ensure key sectors — particularly transport and agriculture — are supported should global oil prices surge in the weeks ahead.
“We will again provide assistance to severely affected stakeholders, especially those who depend on fuel for their livelihood,” the president told reporters after a school visit in Quezon City on Wednesday. “We did it during the pandemic, and we’ll do it again now if necessary.”
Marcos said the government is working on the assumption that fuel prices will rise, especially if tensions between Israel and Iran disrupt oil shipments through the Strait of Hormuz, a key global trade route.
“If the Strait of Hormuz is blocked and oil cannot come out of its sources, prices will certainly be affected,” he said.
The Department of Energy (DOE) has ordered oil firms to maintain at least 30 days’ worth of fuel inventory and is coordinating with the Department of Agriculture (DA) and the Department of Transportation (DOTr) to prepare for a possible subsidy rollout if prices breach the $80 per barrel level.
Under the previous fuel aid program, drivers of public transport vehicles — including jeepneys, UV Express units, buses, taxis, and ride-hailing or delivery services — were granted P6,500 in direct assistance. Farmers and fisherfolk operating qualified agricultural or fisheries machinery received P3,000 in fuel discounts at partner gas stations.
Marcos said these support mechanisms are ready to be reactivated should the need arise.
