Government meets oil firms to ensure stable supply, prevent price spikes

Malacañang officials met with oil industry executives to ensure stable fuel supply and prevent steep price hikes amid global market volatility.

Executive Secretary Ralph Recto said Thursday, March 12, that the meeting focused on stabilizing both fuel supply and prices as the government monitors developments in the global energy market.

“The meeting focused on supply and prices, on how to keep both stable, amidst the volatility we are seeing,” Recto said. “This is pursuant to the directive of the President to protect our people from the impact of surging oil prices,” he added.

Recto, who led the delegation alongside Energy Secretary Sharon Garin, noted that the government has been addressing the situation through multiple measures, including promoting energy conservation and providing subsidies to transport groups affected by rising costs.

He also highlighted the President’s recent move to certify as urgent a bill that would allow the suspension or reduction of excise taxes on petroleum products during economic emergencies.

“The President wants the bill on his desk immediately so he can sign it,” Recto said. The measure aims to give the executive branch flexibility to respond quickly to extraordinary swings in global oil prices.

Recto said a key topic during the meeting was the risk of supply chain disruptions due to geopolitical tensions. He added that oil companies assured the government that operational challenges in delivering fuel to the Philippines remain manageable.

“If the war in the affected region will further choke oil supply, the alternatives are already being explored, per the President’s instructions,” he said. He described the initiative as a form of “oil diplomacy” between government and private sector to secure steady supply.

Meanwhile, Garin reminded oil firms to ensure that fuel price adjustments mirror actual market conditions and cautioned against premature or unreasonable increases.

Recto emphasized that the meeting reflects the government’s view that public and private sectors must work together to ease the burden on consumers.

“Simple lang ang gusto ng Pangulo. Habang inaaksyunan natin ang krisis na ito, dapat magtulungan ang gobyerno at pribadong sektor para hindi gaanong maramdaman ng ating mga kababayan ang bigat nito,” he said.