DOE Chief Sharon Garin Speaks after Iran Guarantees To Allow Manila-bound Oil Tankers to Transit Hormuz
DOE – The Department of Energy said that the Filipinos must not expect immediate relief on fuel prices despite Iran’s guarantee.
Countless Filipinos are currently suffering from the series of oil price hikes in the Philippines. Jeepney drivers and deliver rides are already calling for long-term solutions as diesel is expected to hit P170 per liter on Tuesday, April 7.
The Philippine government is rolling out fuel assistance and subsidies to the members of the transport sector. In the pursuit to balance the help between the transport sector groups and the commuters, President Bongbong Marcos suspended the oil price hike.
Previously, Marcos Jr. claimed that the crude oil supply in the country is expected to last until June 30. He explained that getting crude oil and refining it is a lot cheaper than buying diesel. He assured the people of the continuous effort of the government to help the Filipinos amid the situation.
Malacañang has also repeatedly assured the Filipinos of Marcos Jr.’s continued work to help the Filipinos. The President previously announced the successful drilling of the Camago-3 well for the gas supply. The Department of Energy or DOE previously denied that an oil crisis is happening in the country now.
Pres. Bongbong Marcos has also ordered the Department of Foreign Affairs (DFA) to talk to Iran for the oil passage at the Strait of Hormuz. The waterway is a vital passage for international oil shipments and there are currently restrictions on it that has affected the oil supply in many other countries.
Following the joint airstrike of the United States and Israel against Iran, Tehran imposed restrictions on the Strait banning the vessels that are linked to their enemies. All the countries involved in the war in the Middle East remain firm of not surrendering against another.
Meanwhile, Iran guaranteed the safe passage of the oil tankers bound to Manila. However, based on a report of One News, DOE clarified that such development will not immediately cut the fuel prices in the country.
“This development will not immediately bring down fuel prices, nor does it resolve our long-term structural challenges in energy,” the DOE Chief said.
Meanwhile, while Iran allowing the Manila-bound oil tankers to pass safely does not immediately solve the problem with the high oil costs in the country, DOE Sec. Sharon Garin said it provides the country with “safe and preferential access” to critical oil supplies.
Based on the report, the DOE Chief further emphasized that it is an important step in improving the position of the nation amidst “a highly uncertain global environment”.
“Even if much of our fuel is sourced from regional hubs like Singapore or Korea, the crude oil where these come from often passes through the Strait of Hormuz,” Garin added.
Amid the ongoing war in the Middle East, Pope Leo XIV recently called on the national leaders to “abandon every desire for conflict”.
