By Ruth Abbey Gita-Carlos
President Ferdinand R. Marcos Jr. directed the government to ensure stable oil supply to prevent a possible “domino effect” on prices of petroleum products and basic commodities, Malacañang said Friday.
“Hindi natin ito mapasisinungalinan na tumataas ang presyo ng krudo at kaakibat nito ay may domino effect, na maari rin na magdulot ng pagtaas ng ibang mga presyo ng bilhin (We cannot deny that the price of crude oil is increasing and it has a domino effect, which can also cause other prices to increase),” Palace Press Officer Claire Castro told reporters in Ilocos Norte.
Marcos issued the directive amid the surge in fuel prices, which Castro said was beyond the President’s control due to the ongoing crisis in the Middle East.
“At kahit ganoon pa man ang nangyari, sinisiguro ng Pangulo, na dapat ang supply ng fuel sa ating bansa ay hindi mahihinto. Hindi pag-uusapan ang presyo. Ang pag-uusapan dapat ay ang supply (And even if that happens, the President assures us that the supply of fuel in our country should not be interrupted. The focus should be on the supply, not the price),” Castro said.
“Dahil kahit mababa ang presyo na maibigay sa atin pero walang supply, ang mangyayari pa rin sa atin, sa negosyo natin, sa buhay natin, hihinto. Kaya ang sinisiguro ng Pangulo, dapat ang supply ng fuel, ng krudo ay tuloy-tuloy (Because even if the price is low but there is no supply, our business and our lives will come to a halt. That is why the President wants to ensure a continuous supply of fuel and crude oil),” she added.
Citing data from the Department of Energy (DOE), Castro noted that the country’s supply inventory has increased from 30 days to 54 days.
Castro said the government is committed to providing continued assistance to affected sectors, including the transport industry.
She said fuel subsidies were raised from PHP10 to PHP12 per liter, allowing transport workers to save up to PHP1,800 per week.
“Lahat pong ito ay ginagawa ng Pangulo, ginagawa ng pamahalaan para kahit papaano ay makaagapay tayo, iyong pisi ay mapag-abot natin para sa ikagiginhawa ng ating mga kababayan (All this is being done by the President, the government is doing so that we can somehow help people cope with the situation and provide relief to our fellow Filipinos),” Castro said.
Marcos is expected to make a swift decision on the possible cut or suspension of fuel excise taxes after receiving the recommendation of the Development Budget Coordination Committee (DBCC) on Tuesday.
The DBCC review follows the DOE’s formal certification that the one-month average price of Dubai crude reached USD99.41 barrel from Aug. 13 to Sept. 11, well above the USD80-per-barrel threshold under Republic Act No. 12316 for possible suspension or reduction of fuel excise taxes.
