Philippines Has Sufficient Fuel Supplies Despite Global Price Surge

Malacañang has assured that there are sufficient fuel supplies in the country despite the recent surge in global oil prices. The price of Dubai crude oil breached the $80-per-barrel threshold, but Palace Press Officer Claire Castro said that the Development Budget Coordination Committee has yet to issue a recommendation on the suspension of the excise tax on fuel products.

Castro mentioned that President Ferdinand 'Bongbong' Marcos Jr. had a meeting with Energy Secretary Sharon Garin and it was proven that there are enough supplies, as that is what the President wants, for the country not to run out of crude supplies.

The Department of Energy has stated that they do not foresee fuel prices going down soon due to ongoing tensions in the Middle East. Castro added that the Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) is still in place, despite there being no line item for it in the 2026 budget.

The Palace Press Officer stated that once there is a recommendation on the excise tax, President Marcos Jr. will act on it quickly.