Philippines fuel supply remains stable despite rising global oil prices, according to President Ferdinand Marcos Jr., who said additional fuel shipments are already on the way while the government seeks new oil sources.

NEW YORK — President Ferdinand Marcos Jr. assured the public that the Philippines will have sufficient fuel supply despite rising global oil prices, saying additional shipments are already on the way while the government explores alternative sources to strengthen the country’s energy security.

The President made the statement during a press briefing in New York, where he is attending engagements related to the United Nations, amid concerns over potential fuel shortages triggered by escalating tensions in the Middle East that have affected global petroleum markets.

Marcos said the country’s current fuel inventory remains stable, noting that several shipments are already in transit to the Philippines. According to the Chief Executive, these incoming supplies are expected to help cushion the impact of volatility in international oil prices and ensure that domestic demand continues to be met.

“In terms of supply, we are in good shape. Not only do we have inventory in the Philippines, but we also have additional supplies already in transit,” Marcos said.

The President added that the government is actively engaging with other countries to diversify fuel import sources. He explained that the Philippines is exploring partnerships with suppliers that it does not traditionally buy oil from, in an effort to reduce dependence on limited markets and maintain a steady flow of energy resources.

“We are looking for other places that can provide supply for us. We are talking to many countries that we normally do not buy oil from, but hopefully we can reach agreements with them,” Marcos said.

Energy experts have warned that geopolitical conflicts in key oil-producing regions can disrupt global supply chains and trigger price fluctuations, which often translate into higher fuel costs for importing countries like the Philippines.

Marcos acknowledged the uncertainty surrounding how long the current tensions may affect global energy markets.

“The real problem that everyone has to deal with is that we do not know how long this situation will last,” the President said.

To help mitigate the impact of rising fuel prices, Marcos said he is prepared to certify as urgent a proposed measure that would grant the President temporary authority to suspend or reduce fuel excise taxes.

Under the proposal, emergency powers could be exercised only if the average global price of oil exceeds $80 per barrel for at least one month. The measure is currently under review in both chambers of the Congress of the Philippines.

Marcos explained that certifying the bill as urgent would allow lawmakers to accelerate its passage by shortening the usual waiting period between committee reporting and plenary debates.

“When you declare a bill as urgent, the process is shortened so the debates can begin sooner,” he said.

Apart from fuel supply concerns, the President also said the government is monitoring the situation of overseas Filipino workers in affected regions. He noted that repatriation efforts are being prepared through chartered flights if necessary.

Officials from the Department of Energy (Philippines) have earlier said the country maintains buffer fuel stocks and continues to coordinate with industry players to ensure stable distribution across the country.

Authorities are also encouraging the public and businesses to practice energy conservation as the government works on long-term strategies aimed at strengthening energy resilience and reducing vulnerability to global supply disruptions.