President Ferdinand Marcos Jr. is considering deploying fuel subsidies to ease the impact of rising oil prices caused by escalating tensions between Israel and Iran.
He warned that instability in the Strait of Hormuz, a vital oil passage, could lead to global fuel price spikes if blockaded by Tehran.
The government plans to provide subsidies similar to those during the pandemic to help sectors severely affected by price hikes.
The Department of Energy is closely monitoring the situation and may ask oil companies to maintain inventory levels and stagger price increases.
If crude oil prices exceed $80 per barrel, subsidies for fisherfolk and public transport will be implemented, with the Departments of Transportation and Agriculture ready to act.
Source: PhilNews24 | June 19, 2025
PHILIPPINES PREPARES FUEL AID ROLLOUT IN CASE OF MIDDLE EAST CRISIS
Latest from News
The Department of Education (DepEd) announced that students will have a 16-day Christmas break from Dec.
President Ferdinand R. Marcos Jr. has directed stricter oversight and full transparency in the implementation of
President Ferdinand R. Marcos Jr. has ordered the deployment of more Philippine Coast Guard (PCG) patrol
The Metropolitan Waterworks and Sewerage System Regulatory Office (MWSS-RO) has approved new water rate hikes for
The Philippines was recognized as Asia’s Best Retirement Destination at the 11th TripZilla Excellence Awards, highlighting