MANILA: The government is prepared to mitigate the impact of the ongoing Middle East crisis on oil and fertiliser prices in the Philippines, a Palace official said on Tuesday (June 17).
Palace Press Officer Claire Castro said in a briefing that President Ferdinand Marcos Jr has ordered close monitoring of the conflict between Iran and Israel so that the government could promptly provide assistance to motorists in case of oil price hikes.
“At present, oil companies are required to maintain a 30-day inventory of fuel, and if the price of crude oil exceeds US$80 per barrel, fuel assistance for public transport and fisherfolk will be triggered,” she said.
Aside from the fuel subsidy, Castro said the Department of Energy may coordinate with oil companies to maintain inventory levels to help manage price adjustments.
Meanwhile, the Department of Agriculture (DA) is ready in case the situation in the Gulf region affects the price of local fertiliser.
This concern was raised by House Committee on Ways and Means Chairperson and Albay Rep. Joey Salceda, who noted that 66 per cent of the country’s nitrogen-based fertiliser is imported, with Qatar being one of the sources.
“If this happens, we can source from other parts of the world that are near us, such as Brunei,” Castro said.
“The DA also sees that this will not cause a long-term problem, especially if the sea lanes are not closed,” she added.
On Friday, Israel launched attacks against Iran, killing top military commanders and nuclear scientists and striking military bases, nuclear sites, and residential areas across the country.
In response, Iran fired back and called Israel’s attacks a “declaration of war.” - Philippine Daily Inquirer/ANN
