MANILA, Philippines — Malacañang summoned oil industry executives to ensure a steady supply of fuel products and prevent excessive price increases amid global oil market volatility.
Executive Secretary Ralph Recto said the meeting on Thursday in Malacañang "focused on supply and prices, on how to keep both stable, amidst the volatility we are seeing."
“This is pursuant to the directive of the President to protect our people from the impact of surging oil prices,” Recto said.
“And we have been addressing the challenges in multiple fronts, from an energy conservation drive by the government, to providing lifeline subsidies to transport groups,” he added.
Recto, who led the government delegation with Energy Secretary Sharon Garin, said one of the major concerns discussed during the meeting was the possibility of supply chain disruptions caused by geopolitical tensions.
He said oil companies assured the government that operational challenges in bringing fuel supplies to the Philippines remained manageable.
“If the war in the affected region will further choke oil supply, the alternatives are already being explored, per the President’s instructions,” Recto said.
“This is the kind of oil diplomacy that oil executives and the government will have to jointly undertake,” he added.
