Amid the Soaring Oil Prices, Marcos Jr. Assures PH Gov’t Is Doing Everything It Can
MARCOS JR. – The Philippine President refused to answer the question over the possibility of the government taking over the oil industry.
The Philippines is currently struggling over the unexpected surge of the oil prices amid the ongoing war in the Middle East. The conflict rose after the United States and Israel launched joint airstrikes against Iran.
According to U.S. Pres. Donald Trump, the recent strike was allegedly intended to prevent Iran from acquiring nuclear power. He claimed that the move is to stop Tehran from supposedly “destroying the world.”
Trump acknowledged the surge in global oil prices but dismissed them as temporary,. The U.S. President even previously issued a warning against Iran that blocking the flow of oil could get them a much harder attack. Iran, however, brushed off the warning . Iran even warned the world for oil that costs $200 a barrel.
Following the attack that killed many Iranians including their Supreme Leader, Tehran imposed restrictions on the Strait of Hormuz. The waterway is a vital passage for oil shipments. Iran’s capital prevent U.S. and Israel-linked ships. This escalation has deepened the war in the Middle East and also affected the global energy markets.
The Philippines is deeply affected by the situation in the Middle East as the country is dependent on imported oil. Diesel prices have soared to ₱140 per liter after just three consecutive major price hikes as of now. To ease the Filipinos’ burden, the government has begun distributing fuel subsidies to public utility vehicle drivers. Transport groups have staged strikes as they call for help from the government.
Pres. Ferdinand Marcos Jr. recently stressed that the global oil prices are beyond the country’s control. Meanwhile, the President emphasized that the government’s top priority is to shield Filipinos from bearing the full weight of a situation they did not cause.
“Hindi natin kontrolado ang presyo ng langis sa mundo. ‘Yan ang katotohanan na ating hinaharap,” Marcos Jr. said.
Based on a post of News, Pres. Ferdinand Marcos Jr. was also asked if the Philippine government will temporarily take over the oil industry amid the situation in the country now — to which he declined to answer.
“We don’t want to get into that discussion,” the President said based on the post before he left.
Recently, amid the ongoing war in the Middle East, Iran once again denounced a remarks of U.S. Pres. Donald Trump — this time about the alleged “Peace Plan” between the two (2) countries.