The Philippines is exploring alternative oil suppliers to ensure a stable gasoline supply amid global market uncertainties.
Speaking at a press briefing in New York on Tuesday, President Ferdinand R. Marcos Jr. said the government is in talks with other oil-producing countries. He highlighted that ongoing geopolitical tensions in the Middle East are driving unpredictable fluctuations in global oil prices.
Despite the volatility, President Marcos assured that the administration remains focused on maintaining a steady and affordable oil supply in the country. He also emphasized continued government efforts to prevent further increases in the prices of basic commodities, though he acknowledged some factors are beyond government control.
The President noted that oil prices recently spiked above $100 per barrel but have since fallen below $90, still higher than the initial $72 per barrel at the start of the year.
