While President Marcos gave an assurance that the Philippines has ample supply of oil amid the Middle East conflict, he bared plans to ask the Congress to grant him an authority to reduce excise tax on petroleum products should prices exceed $80 per barrel.

Marcos made the statement in a press conference at Malacañan on Tuesday, March 3, following a meeting with Cabinet members on the situation of Filipinos in the middle of the ongoing conflict in the  Middle East, and its impacts on the country.

"I am going to talk to the leaders in both the House and in the Senate to maybe—this is not yet –this is not yet a sure thing, but this is something that we are discussing and it could be helpful—is to give me, the President, the authority to reduce excise tax on petroleum products should Dubai crude exceed $80 per barrel," Marcos bared.

He noted that having this authority "is one tool that we will have to have."

He, however, said that in case he will be granted such power, it will not be permanent and should be disposed of as soon as the crisis is over.

"So, I will discuss it with the leadership of Congress and to see if it's going to be an emergency measure. It is not going to be a permanent measure. It will be something that we will dispose of as soon as the crisis is over," Marcos said.

The President explained that the measure would be considered in the scenario that Dubai crude comes between $80 and $90 per barrel and would last for two months.

The President has allayed public fears over oil supply, saying that the country has stockpiled for approximately 50 to 60 days.

"First of all, let me assure everyone that we have sufficient supply of oil. Mayroon tayong stockpile that are approximately 50 to 60 days in terms of gasoline, in terms of fuel oil, and in terms of kerosene," he said during the same press briefing.

"Let me immediately allay the fears of everyone that the oil supply of oil-derived products – of oil products even fertilizer, something that we have to look at. And we have sufficient supply," he added.

According to the President, the country has stockpiles of diesel for 50 and a half days; fuel oil for 51 and a half days; gasoline for 51 and a half days; kerosene for 67 and a half days; jet fuel for 58 days; and LPG for 29 days.

He noted that there are also other "potential supply" sources for the country.

"However, we must be very clear that if you are a country that is holding a stockpile of oil products, you will not want – you will export as little of it as possible so that you keep your own stockpile high while this crisis is going on, while we do not know what is going to happen," Marcos said.

"However, beyond that, of course, there will be a great effect on the oil prices that we are facing here. We have already seen the reaction on oil products, on crude, gasoline, LPG. At naramdaman na kaagad (And it is felt right away). And that's again, expected," Marcos added.

Marcos explained that the government will have to put together some scenarios, considering information from the United States that the situation will last "four to five weeks."

"Hopefully, it will be less," he said. "And hopefully, before the four to five weeks, the level of intensity of the fighting will come down. In other words, that commerce will proceed in a more or less normal way, number one."

"And secondly, that the oil production will start to normalize. And hopefully, of course, this is our hope sooner rather than later that this will happen," he added.

The President also disclosed a plan to implement targeted fuel subsidies to affected areas to address the expected impact of the Middle East conflict.

"So, the response of the government – some of the interventions that we are thinking about is to have targeted fuel subsidies to the affected areas – to the affected sectors such as the transport sector, the agri sector – the agri sector comes into play because fertilizer is a petroleum derivative that comes from the oil – and for fisherfolk," Marcos said.

As soon as oil prices breached $80 per barrel, Marcos added, the government will use several funds to provide subsidies for farmers and fisherfolk.

According to Marcos, they are also looking into the possibility of easing the transport cost burden to workers and traveling public by providing no-fare bus rides along major routes and holding fares down on the public transport facilities.