Palace meets oil firms to ensure stable fuel supply, curb price spikes

Malacañang convened oil industry executives to finalize plans ensuring a steady fuel supply while protecting consumers from excessive price hikes.

Executive Secretary Ralph G. Recto, who led the government delegation alongside Energy Secretary Sharon Garin, described the meeting—held on March 12—as “productive” and focused on stabilizing both supply and prices amid global market volatility.

“This is pursuant to the directive of the President to protect our people from the impact of surging oil prices,” Recto said, highlighting government efforts such as energy conservation drives and lifeline subsidies for transport groups.

Recto said part of President Ferdinand R. Marcos Jr.’s efforts to cushion oil price shocks is the certification of a bill as urgent, which would grant him authority to suspend or reduce excise taxes on petroleum products during economic emergencies.

“The President wants the bill on his desk immediately so he can sign it,” Recto added.

Recto also noted the importance of proactively addressing potential supply chain disruptions, especially if conflicts in oil-producing regions further limit imports.

Oil companies assured the government that operational challenges in delivering fuel products remain manageable, and alternatives are being explored as instructed by the President.

Secretary Garin emphasized that oil firms must adjust gas station prices to reflect actual market conditions. She warned that any premature, excessive, or unreasonable price increases “will not be tolerated and will be dealt with firmly.”

Recto stressed that the government’s approach relies on cooperation with the private sector to ease the impact of global oil market crises.

“Simple lang ang gusto ng Pangulo. Habang inaaksyunan natin ang krisis na ito, dapat magtulungan ang gobyerno at pribadong sektor para hindi gaanong maramdaman ng ating mga kababayan ang bigat nito,” he said.