NATIONAL
Advocates Philippines
Government Moves Swiftly To Shield Filipinos From Oil Price Shocks Amid Rising Global Tensions
Photo credit: DOE
As tensions between Israel and Iran intensify and global oil prices continue their upward climb, the Philippine government is stepping up its efforts to shield the economy—and most importantly, Filipino consumers—from the disruptive effects of this volatile global energy landscape.
Recognizing the urgency of the situation, the Department of Energy (DOE) is leading a multi-agency approach aimed at ensuring energy security while softening the blow of rising fuel costs on vulnerable sectors.
“We are closely monitoring developments in the global oil market and taking firm, proactive measures to protect the welfare of our people,” said DOE Officer-in-Charge Sharon S. Garin. “Our first priority is to keep our fuel supply stable and sufficient. At the same time, we are working to ensure that any price increases are managed in a way that avoids unnecessary strain on the economy.”
To that end, the DOE has reinforced inventory requirements for oil companies, mandating a minimum 30-day stockpile of crude oil and a 15-day supply of refined products. OIC Garin, together with DOE Undersecretary Alessandro Sales, is set to inspect key oil depots in Manila on June 17 to ensure strict compliance.
At the same time, the government is calling on oil companies to adopt staggered price adjustments—particularly during periods of sharp increases in global oil prices. This approach aims to cushion the impact on local consumers and help avoid sudden spikes in transportation and commodity costs.
In anticipation of a potential breach of the USD 80-per-barrel threshold for Dubai crude (which was trading at USD 73 as of June 16), the government is preparing targeted fuel subsidies for the most affected sectors—namely transport and agriculture.
Through the 2025 General Appropriations Act, the Department of Transportation has earmarked PHP 2.5 billion in fuel aid for drivers of public utility vehicles, taxis, ride-hailing services, and delivery platforms. In parallel, the Department of Agriculture is allocating PHP 585 million to support farmers and fisherfolk coping with the effects of surging fuel prices on production costs.
Beyond short-term mitigation, the DOE is also ramping up efforts to reduce the country’s dependence on imported oil. This includes fast-tracking energy efficiency programs and accelerating the shift to electric and hybrid vehicles in the public transport sector. Investments in electric vehicle infrastructure and modernized PUVs form part of a broader strategy to build a more sustainable and resilient energy future.
“Every decision we make is guided by real-time market data and grounded in the need to protect our people from external shocks,” Garin emphasized. “While we cannot control geopolitics, we can—and will—control how we respond to ensure our nation’s stability and our people’s well-being.”
In a time of global uncertainty, the government is making clear its commitment: to act decisively, protect the most vulnerable, and lay the groundwork for long-term energy security.
Recognizing the urgency of the situation, the Department of Energy (DOE) is leading a multi-agency approach aimed at ensuring energy security while softening the blow of rising fuel costs on vulnerable sectors.
“We are closely monitoring developments in the global oil market and taking firm, proactive measures to protect the welfare of our people,” said DOE Officer-in-Charge Sharon S. Garin. “Our first priority is to keep our fuel supply stable and sufficient. At the same time, we are working to ensure that any price increases are managed in a way that avoids unnecessary strain on the economy.”
To that end, the DOE has reinforced inventory requirements for oil companies, mandating a minimum 30-day stockpile of crude oil and a 15-day supply of refined products. OIC Garin, together with DOE Undersecretary Alessandro Sales, is set to inspect key oil depots in Manila on June 17 to ensure strict compliance.
At the same time, the government is calling on oil companies to adopt staggered price adjustments—particularly during periods of sharp increases in global oil prices. This approach aims to cushion the impact on local consumers and help avoid sudden spikes in transportation and commodity costs.
In anticipation of a potential breach of the USD 80-per-barrel threshold for Dubai crude (which was trading at USD 73 as of June 16), the government is preparing targeted fuel subsidies for the most affected sectors—namely transport and agriculture.
Through the 2025 General Appropriations Act, the Department of Transportation has earmarked PHP 2.5 billion in fuel aid for drivers of public utility vehicles, taxis, ride-hailing services, and delivery platforms. In parallel, the Department of Agriculture is allocating PHP 585 million to support farmers and fisherfolk coping with the effects of surging fuel prices on production costs.
Beyond short-term mitigation, the DOE is also ramping up efforts to reduce the country’s dependence on imported oil. This includes fast-tracking energy efficiency programs and accelerating the shift to electric and hybrid vehicles in the public transport sector. Investments in electric vehicle infrastructure and modernized PUVs form part of a broader strategy to build a more sustainable and resilient energy future.
“Every decision we make is guided by real-time market data and grounded in the need to protect our people from external shocks,” Garin emphasized. “While we cannot control geopolitics, we can—and will—control how we respond to ensure our nation’s stability and our people’s well-being.”
In a time of global uncertainty, the government is making clear its commitment: to act decisively, protect the most vulnerable, and lay the groundwork for long-term energy security.
Jun 17, 2025
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