Marcos promises 'flow of oil' as Philippines declares energy emergency
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Philippine President Ferdinand Marcos declared a national energy emergency due to the impact of the US-Israel war with Iran on global oil markets. The Philippines, which imports 98% of its oil, has seen local fuel prices more than double since the conflict began in late February. Marcos stated the government will procure one million barrels of oil to supplement existing reserves and ensure a steady supply. The emergency declaration grants the government authority to implement measures for energy stability, including direct fuel purchases and oversight of essential goods distribution. The Philippines is also working with the US to secure exemptions for importing oil from sanctioned countries. The declaration, valid for one year, follows calls from senators to address hardship caused by rising prices, while labor groups criticize the government's handling of the crisis.
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AI-ExtractedThe Kilusang Mayo Uno (KMU) strongly criticised the emergency declaration, calling it an "admission" that the government failed to address the oil crisis.
The emergency declaration will give the government the legal authority to impose measures to ensure energy stability.
Local diesel and petrol prices more than doubled in the country since the war broke out on 28 February.
The Philippines imports 98% of its oil from the gulf.
Philippine President Ferdinand Marcos says he is working to secure new sources of oil.
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