The Philippine government is prepared to activate fuel subsidies for key sectors once global crude prices cross the $80-per-barrel threshold, President Ferdinand R. Marcos Jr. said Tuesday, as conflict in major oil-producing areas of the Middle East continues to stoke supply concerns.
“As soon as oil prices breached 80 dollars per barrel, mayroon na tayong gagawin, and we will use several of the funds…For example, we will use the Pantawid Pasada Program and the subsidy for the farmers and fisherfolk,” the President said during a Palace press conference attended by several Cabinet members.
Beyond subsidies targeting the transportation and agriculture sectors, the administration is also exploring ways to ease commuting costs for the working public, including the possibility of free bus rides on major routes and measures to keep fares stable.
Marcos laid out the country’s current petroleum inventory in detail, noting that reserves vary by product type. Diesel stocks can cover roughly 50.5 days, while fuel oil and gasoline each sit at about 51.5 days. Kerosene carries the deepest buffer at approximately 67.5 days, followed by jet fuel at around 58 days. Liquefied petroleum gas stands at the thinnest margin, with about 29 days of supply on hand.
“Let me assure everyone that we have a sufficient supply of oil…So, we are okay for that period of time,” the President said.
He added that the country’s oil suppliers hold their own stockpiles that have not yet been shipped, which could serve as an additional source if the need arises. Still, Marcos cautioned that nations sitting on oil reserves may choose to restrict exports to protect their own domestic supply — particularly given the unpredictability of how the ongoing crisis will unfold.
