Marcos instructs DOE to create fuel price contingency strategy amid Middle Eastern tensions

President Ferdinand Marcos Jr. has ordered the Department of Energy (DOE) to closely monitor the developments in the Middle East and prepare contingency measures in light of the escalating tensions between Israel and Iran.

According to Palace Press Officer Claire Castro, the President expressed concern over the potential impact of the conflict on global oil prices, which could trigger another wave of fuel price hikes in the Philippines.

Castro emphasized that the DOE has already laid out precautionary measures should the crisis deepen. Among the key actions being considered are the provision of fuel subsidies to public transport operators and fishermen. "This directive stresses the administration's proactive approach in protecting the economy and ensuring that vulnerable sectors are protected," she said in a statement.

The DOE is also working with oil companies to prevent sudden price surges and maintain a stable fuel supply. Ongoing industry discussions aim to improve inventory management and timely price adjustments.

While a price freeze is not currently in effect, officials assured the public that the government remains prepared to implement policy responses and support programs to cushion the impact of any potential increase in crude prices.