While visiting MARIVELES in Bataan, President Ferdinand Marcos Jr. disclosed his administration is seeking other sources of petroleum products as part of the government’s efforts to ensure a steady oil supply amid the closure of the Strait of Hormuz in the ongoing conflict between Iran and the United States, Israel, and their allies.
Speaking to the media, the chief executive maintained that the country’s current stocks of oil and essential goods remained sufficient as concerned government agencies were focusing on keeping prices of petroleum products and essentuals as stable as possible.
The move to look for new sources of fuel has been triggered with disrupted flow of oil supplies with the closure if the vital Strait of Hormuz even as existing suppliers have committed to continue honoring contracts, particularly for petroleum-based products such as fertilizer.
“For food, we can do more. We are looking for additional ways to lower food prices. As for oil, there’s nothing much we can do about that, but at least we are making sure that the supply will be available,” Marcos Jr. pointed.
“So even if we have stock, the Philippines continues to look for more — because we really source from the Middle East. So we are looking for alternative sources of oil,” he added.
However, despite global uncertainties stemming from the war in the Middle East, the President assured the public not to worry as the government is doing everything it can to “soften the (impact)” caused by the crisis.
“The problem is that the price of oil is very volatile, we cannot fully anticipate so we are still adjusting right now,” he cited.
China, home to the world’s biggest oil refining sector, said it was ready to work with Southeast Asia in addressing energy problems and Beijing called on the parties involved to immediately cease military operations so that there would be peace and stzbility once again.
“The situation in the Middle East has disrupted global energy security,” Chinese foreign ministry spokesman Lin Jian noted at a regular news conference when asked if Southeast Asian nations had reached out to China for help.
Geopolitical analysts agreed that China’s show of willingness to work with the region of more than 700 million people would be welcome relief to Southeast Asian oil importers following an order by Beijing earlier in March to ban Chinese exports of diesel, gasoline and jet fuel.
Based on their study, the ban would worsen shortages and further hike prices for some of China’s strategic partner-nations in Southeast Asia, which have already been suffering heavily from supply cuts brought on by the US-Israeli war against Iran.
“The countries involved should immediately cease military operations to prevent regional instability from having a greater impact on global economic development,” Lin stated to emphasize the gravity of the consequences resulting in the continuance of the Middle East conflict.
Accordingly, any easing of Beijing’s ban could help soothe fuel jitters in countries from the Philippines to Cambodia.
“China is willing to strengthen coordination and cooperation with Southeast Asian countries to jointly address energy security issues,” Lin stated to express a glimmer of hope to end the ongoing crisis.
