Palace: No ‘oil crisis’ in PH despite rising fuel prices

Malacañang on Monday said the Philippines is not experiencing an oil crisis even though fuel prices continue to rise due to tensions in the Middle East.

Presidential Communications Office Undersecretary Claire Castro said  the country’s oil supply remains stable amid global developments that are causing price increases,

Citing Energy officials, Castro said the situation does not qualify as a crisis, stressing the distinction between supply shortages and price fluctuations.

“The issue right now is not supply. We have enough fuel. What we are seeing is a price disruption due to the situation in the Middle East,” she said.

Castro added that negotiations are ongoing to secure additional fuel imports, including hundreds of thousands of barrels of crude oil to ensure a continued supply.

Her remarks come amid claims by some lawmakers, including Sherwin Gatchalian, that the country is already facing an oil crisis due to the broader impact of rising fuel costs on transportation and food prices.

The Palace, however, reiterated that a crisis would only be declared if supply becomes insufficient.

To mitigate the impact of higher fuel prices, the government has rolled out fuel subsidies, cash assistance, fare discounts, and free ride programs, while also exploring the possible suspension or reduction of excise taxes on petroleum products once authorized by law.