Gov’t ready to grant fuel subsidies if oil prices surge

President Ferdinand R. Marcos Jr. recently assured transport workers, farmers, and fisherfolk that the government is prepared to release fuel subsidies should global oil prices rise sharply and persistently.

He clarified, however, that these subsidies will only be given if market conditions justify them, stressing that assistance will not be handed out arbitrarily.

“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,” the President said during a media interview after overseeing the destruction of more than PhP9 billion worth of illegal drugs in Capas, Tarlac.

Tensions in the Middle East, particularly the recent conflict between Israel and Iran and the involvement of the United States, briefly rattled oil markets and pushed crude prices to nearly USD80 per barrel. However, a swift truce brokered by international actors, including the U.S., helped calm markets, sending oil prices back down to around USD69.

“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.

He reiterated that any future government support in the form of fuel subsidies will be strictly based on price increases that directly impact the livelihood of vulnerable sectors.

“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,” Marcos added.

The President said the government continues to monitor global oil price trends and stands ready to respond if future developments warrant targeted intervention to protect the sectors most at risk.