Palace: PH diplomatic engagement with Iran assures oil supply but not at lower prices

Malacañang has clarified that the recent diplomatic engagement with Iran aimed to secure the national oil supply but will not immediately result in lower fuel prices for consumers.

Presidential Communications Office Undersecretary Atty. Claire Castro noted that assurances from Iranian officials will allow Philippine-flagged vessels to safely navigate the Strait of Hormuz.

This agreement is expected to ensure the continued delivery of petroleum products and essential goods despite geopolitical tensions in the Middle East.

“Ang pinag-uusapan po dito ay iyong patuloy na supply ng produktong petrolyo sa ating bansa,” she said, noting that oil pricing remains largely influenced by international markets and global traders.

However, Undersecretary Castro emphasized that the agreement focuses on maintaining access and preventing supply disruptions rather than controlling costs. She noted that oil pricing remains largely influenced by international market volatility.

While economic managers are currently studying potential measures to mitigate the impact of rising prices—including adjustments to fuel taxes—the government’s current priority is ensuring a sufficient and stable fuel supply for the country.

-Paraluman News