The Philippine government is evaluating measures to mitigate the impact of rising fuel prices amid renewed tensions in the Middle East.
President Ferdinand Marcos Jr. has directed relevant agencies to assess the situation and ensure assistance reaches the most vulnerable sectors.
The Department of Energy reports that developments in the Middle East continue to exert upward pressure on domestic pump prices, prompting intensified monitoring of market volatility.
The Department of Transportation is reviewing additional interventions, including potential support for affected sectors, although specific measures have not yet been announced.
Transport Secretary Giovanni Lopez has been tasked with studying the balance between fare increases and the broader effect on product prices.
The administration emphasizes that no one should be left behind, seeking a balanced approach to aid citizens and businesses alike.
Discussions are ongoing regarding the approval of pending fare hike petitions and the possible suspension of excise taxes on gasoline and diesel.
Energy Secretary Sharon Garin highlighted that renewed U.S.-Iran military strikes have heightened concerns over the security of energy shipments through the Strait of Hormuz.
As a net importer of petroleum, the Philippines is directly affected by geopolitical shocks that raise domestic fuel costs.
Transport group Pasang Masda has requested the reinstatement of a one-peso fare increase that was paused earlier this month.
Major retailers recently raised pump prices, adding one peso to gasoline, four and a half pesos to diesel, and two and a half pesos to kerosene.
The government temporarily suspended excise taxes on kerosene and liquefied petroleum gas for three months, but the rates reverted to their original levels on July 8 after crude prices fell.
Officials are still studying the removal of excise taxes for gasoline and diesel, with no update yet provided.
Industry experts note that while short-term interventions help, a long-term shift toward electric vehicles and improved public transportation is essential to reduce vulnerability to global fuel shocks.
As of July 10, the national fuel inventory stands at approximately 47.87 days of supply, up from 46.50 days, based on an average daily demand of 78.08 million liters.
Breakdown of inventory shows 48.17 days for gasoline, 45.69 days for diesel, and 148.98 days for kerosene, with jet fuel and fuel oil inventories at 80.09 and 33.37 days respectively, and liquefied petroleum gas at 39.51 days.
