Palace says no oil crisis in PH, cites ‘price disruption’

Malacañang on Monday brushed off concerns of an oil crisis in the country, saying fuel supply remains adequate but acknowledging a prevailing “price disruption.”

At a press briefing, Palace Press Officer Undersecretary Atty. Claire Castro disagreed that the recent pump price increases had already pushed the country to what can be considered an oil crisis.

Citing Energy Secretary Sharon Garin, Castro said there is no crisis in oil supply, but rather a disruption in prices due to developments in the Middle East.

“Ang sabi po kasi ni Secretary Sharon may dalawang klase po ng krisis—sa suplay at sa presyo. So ngayon po, kung pag-uusapan natin ang suplay, wala po tayong masasabing krisis pagdating sa suplay. Maybe mayroon pong price disruption dahil sa nangyayaring oil crisis sa Middle East,” Castro said.

(According to Secretary Garin, there are two kinds of crises—supply and price. If we are talking about supply, there is no crisis. But there may be a price disruption due to the ongoing oil crisis in the Middle East.)

Motorists have been tightening their belts since the second week of March as fuel firms imposed double-digit price hikes on petroleum products amid escalating tensions in the Middle East.

The surge has raised concerns among motorists and even gasoline retailers, some of whom have reported limited diesel supply.

The Department of Energy has assured the public that the country has sufficient fuel reserves, with current stocks and incoming shipments expected to last up to 50 days.

President Ferdinand “Bongbong” Marcos Jr. has also certified as urgent a bill granting him emergency powers to suspend or reduce excise taxes on fuel to ease the burden on the transport sector amid continuing oil price shocks.

Marcos added that the government is exploring alternative sources of petroleum products in response to the situation in the Middle East.—MCG, GMA Integrated News