Senate President Francis “Chiz” Escudero has called on the Department of Energy (DOE) to prepare a comprehensive contingency plan for rising oil prices to shield consumers, amidst escalating tensions from the Middle East.

Escudero warned that the continued instability of the region can affect global supply, especially for the Philippines who imports 99% of its oil. He urged the DOE to lay out clear actionable steps to ensure a proper amount of supply, stabilize local markets, and protect low-income consumers from sudden price hikes.

“Hindi na bago sa atin ang ganitong krisis kaya dapat handa ang bansa bago pa man lumala ang sitwasyon,” he said.

He stressed the importance of proactive planning given the volatile nature of global energy markets. “Mahalaga na ito ay ating mapaghandaan nang maayos upang matiyak na ang ating mga kababayan ay may maasahang proteksyon kapag lumala ang kaguluhan sa Gitnang Silangan,” he added,

The senator’s appeal comes at a time where fuel prices are set to increase for the 8th straight week. Oil firms, such as Seaoil, announced price adjustments effective on Tuesday (March 3), with gasoline prices rising to PHP 1.90 per liter, diesel by PHP 1.20 per liter, and kerosene by PHP 1.50 per liter.

The senator also called on the Department of Trade and Industry (DTI) to prepare calibrated price-monitoring mechanisms and, if situations worsen, impose temporary price caps on essential goods should fuel-driven inflation continue.

“The government must be prepared to cushion the impact on consumers, especially low-income families who are most affected by rising costs,” he stressed.

For its part, Malacañang said President Ferdinand R. Marcos Jr. has ordered agencies involved to prevent price gouging on oil and other basic goods amidst the ongoing conflict. Palace Press Officer Claire Castro said the President ordered departments, including the DTI, to ensure that no abuses are committed by private companies.

Castro also added that DOE Secretary Sharon Garin was scheduled to meet with representatives of oil companies to discuss possible solutions regarding rising oil prices.

Escudero stressed that transparency and regular communication from agencies such as the DOE and DTI will be crucial in maintaining public confidence and preventing panic-driven behavior in the local market.

“We cannot control global events but we can control how ready we are to face them,” Escudero concluded.

As global tensions persist and pump prices climb, will the DOE outline a clear contingency plan to shield Filipino consumers from sustained oil price volatility?

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