If global oil prices register a sustained and significant increase, President Ferdinand R. Marcos Jr. on Wednesday assured transport workers, farmers, and fisherfolk that the government is ready to provide fuel subsidies.

President Marcos clarified that fuel aid will not be distributed indiscriminately and emphasized that these subsidies will be based on actual market movements.

“The price of oil has not gone up. So we do not need to talk about the subsidy yet. It went up for one day, then it came back down,” President Marcos said in a media interview following the incineration of more than PhP9 billion worth of seized illegal drugs in Capas, Tarlac.

The conflict between Israel and Iran and the involvement of the United States sparked fears of global supply disruptions and temporarily drove oil prices up.

Fears of a wider regional conflict caused global crude prices to spike to nearly USD 80 per barrel. However, a ceasefire brokered by the United States and other international actors quickly defused tensions, easing oil markets and reversing the price hike within days.

“Umakyat ng 79 dollars per barrel, bumaba ulit pagkatapos na-announce ang ceasefire, bumaba ulit ng 69 kung saan siya nanggaling. So far, there is no significant effect on the economy,” the President said.

“Ang sinasabi namin, hindi ayuda—subsidy ‘pag tumaas ang presyo. Kung hindi tumaas ang presyo ng langis, then there is no need for that. We can do business as usual,” President Marcos said.

The President emphasized that oil price volatility is being closely monitored and that government intervention, including fuel subsidies, will be activated when market conditions negatively impact the livelihoods of public utility vehicle drivers and operators, farmers, and fisherfolk.

President Marcos reiterated that the government remains alert to global developments and prepared to take action if future price surges warrant targeted support for affected sectors. | PND