Published March 25, 2026 4:36pm
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“We don’t want to get into that discussion.”
This was the response of President Ferdinand “Bongbong” Marcos Jr. on Wednesday when asked if the government would temporarily take over the oil industry amid the Middle East crisis that resulted in oil price shocks in the country.
Marcos has already declared a state of national energy emergency on March 24 amid the continuous increase in the prices of oil products.
The administration has about 45 days of fuel supply as of March 20, and is procuring an additional 1 million barrels of oil for buffer stock.
The President signed Executive Order 110 as diesel prices are expected to spike to more than P130 per liter, while gasoline may rise above P100 per liter this week.
The EO directed and authorized the Department of Energy “to take appropriate measures to safeguard the stability and adequacy of the country’s energy supply and mitigate the adverse effects of disruptions in global energy supply markets.”
Meanwhile, Marcos said the Philippines is exploring the possibility of securing fuel from Russia amid the current energy challenges.
Also, the Department of Transportation was instructed to provide measures to mitigate the impact on the transport sector and the commuting public. — VDV, GMA Integrated News
https://www.gmanetwork.com/news/topstories/nation/981350/marcos-ph-oil-industry-takeover-discussion/story/
