PALACE MEETS OIL FIRMS TO ENSURE STEADY FUEL SUPPLY, AVOID EXCESSIVE PRICE INCREASES

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

The meeting, led by Executive Secretary Ralph Recto and DOE Secretary Sharon Garin, focused on stabilizing supply, promoting energy conservation, and supporting transport groups affected by rising costs.

Recto highlighted a bill certified urgent by the President that would allow the suspension or reduction of excise taxes on petroleum during economic emergencies.

Supply chain disruptions from geopolitical tensions were discussed, with oil companies assuring the government that alternatives are being explored if needed.

Garin also warned firms against unreasonable price increases, emphasizing cooperation between the government and private sector to cushion the impact on consumers.

Source: PhilNews24 | March 14, 2026