Malacañang officials have met with oil industry executives to ensure a steady fuel supply and prevent excessive price increases amid global oil market volatility.

Executive Secretary Ralph Recto said the meeting on Thursday, March 12, focused on stabilizing fuel supply and prices as the government monitors developments in global energy markets.

“The meeting focused on supply and prices, on how to keep both stable, amidst the volatility we are seeing,” Recto said.

“This is pursuant to the directive of the President to protect our people from the impact of surging oil prices,” he added.

Recto, who led the government delegation with Department of Energy (DOE) Secretary Sharon Garin, noted that the government has been addressing the issue on several fronts, including promoting energy conservation and providing subsidies to transport groups affected by rising fuel costs.

Recto also cited the President’s recent move to certify as urgent a bill allowing the suspension or reduction of excise taxes on petroleum products during economic emergencies.

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

The proposed measure seeks to give the executive branch flexibility to respond quickly to extraordinary volatility in global oil prices.

Recto said one of the major concerns discussed during the meeting was the possibility of supply chain disruptions caused by geopolitical tensions.

He said oil companies assured the government that operational challenges in bringing fuel supplies to the Philippines remain manageable.

“If the war in the affected region will further choke oil supply, the alternatives are already being explored, per the President’s instructions,” Recto said.

He described the effort as a form of “oil diplomacy” between the government and the private sector to ensure a stable supply.

For her part, Garin reminded oil companies to ensure that fuel price adjustments reflect actual market conditions.

She warned that premature or unreasonable increases in pump prices would not be tolerated.

Recto said the meeting reflects the government’s belief that both the public and private sectors must work together to cushion the impact of the crisis.

“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 (The President’s goal is simple. As we address this crisis, government and the private sector must work together so our people will not feel its full burden),” Recto said.