President Ferdinand R. Marcos Jr. warned businesses against exploiting the ongoing Middle East crisis, saying the government will pursue legal action against those engaged in profiteering. Palace press officer Claire Castro said the administration will hold violators accountable as fuel prices spike due to disruptions in global oil supply. The Department of Energy (DOE) has issued show-cause orders to 54 gasoline stations accused of prematurely raising fuel prices, while the Philippine National Police (PNP) intensified monitoring of stations and warehouses for possible hoarding. The surge in oil prices was linked to supply disruptions after Iran closed access to the Strait of Hormuz, pushing Dubai crude prices to nearly $100 per barrel. Marcos has also asked Congress for emergency powers to reduce fuel taxes to ease the impact of rising oil prices on consumers.
PBBM WARNS PROFITEERS AMID FUEL PRICE SURGE
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