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
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