Sen. Chiz Escudero urges Department of Energy to activate oil price contingency plan amid middle east tensions

Senator Francis “Chiz” Escudero has called on the Department of Energy (DOE) to immediately activate a comprehensive contingency plan to mitigate the potential impact of rising global oil prices, citing escalating tensions in the Middle East.

Escudero emphasized the need for proactive measures to shield Filipino consumers, transport drivers, and industries heavily reliant on petroleum products. The Philippines imports about 99 percent of its oil requirements, making the country highly vulnerable to global supply disruptions.

“Hindi na bago sa atin ang ganitong krisis kaya dapat handa ang bansa bago pa man lumala ang sitwasyon,” Escudero said, stressing that government agencies must roll out clear and actionable strategies to ensure stable supply, prevent market panic, and cushion the effects of sudden price spikes.

Fresh Price Hikes Loom

Even before renewed tensions in the Middle East, local oil companies had already announced another round of price increases effective March 3, with diesel prices rising by as much as ₱1.20 per liter. With geopolitical uncertainties intensifying, further adjustments at the pump are expected in the coming days.

Escudero underscored that careful planning is crucial given the volatility of the global energy market. He urged authorities to guarantee adequate fuel reserves and maintain steady communication with the public to prevent panic-driven buying.

Call for Industry Cooperation

The senator also appealed to oil firms and the private sector to demonstrate prudence, transparency, and social responsibility during this period of uncertainty. While acknowledging that businesses operate within market conditions, he noted that extraordinary global developments require heightened sensitivity to the public’s welfare.

In addition, Escudero called on the Department of Trade and Industry (DTI) to prepare calibrated price-monitoring mechanisms and consider temporary price caps on essential goods if fuel-driven inflation accelerates.

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

Ensuring Stability and Transparency

Escudero further urged the national government to coordinate closely with international partners and continuously assess risks that could affect shipping routes, supply chains, and global commodity prices.

He emphasized that transparency and regular updates from agencies such as the DOE and DTI are critical to maintaining public confidence. Clear advisories and timely assessments, he said, will allow businesses and households to plan accordingly.

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