The Philippine government is looking for new sources of oil as global supply disruptions continue to affect fuel availability and prices, with President Bongbong Marcos confirming efforts to secure alternative suppliers.
Marcos said the move comes as tensions abroad continue to disrupt oil supply, raising concerns about how much fuel will be available and how much it will cost. He said the country cannot rely on a limited number of suppliers, especially when global conditions can quickly change.
“We are looking for new sources of oil,” Marcos said.
The government is now talking to other countries and exploring additional suppliers to make sure fuel continues to come in even if disruptions persist. The goal is to avoid sudden shortages and reduce the impact of price spikes caused by supply constraints in the global market.
For the public, the issue goes beyond fuel itself. Oil prices affect transportation costs, which can lead to higher fares. They also affect electricity generation and the delivery of goods, which can push up the price of food and other basic items. When global supply is unstable, these costs can rise quickly and affect household budgets.
Marcos said the government is monitoring the situation closely and taking steps to secure supply as conditions change. The effort to find new sources is meant to keep fuel available and help manage the impact of rising global prices.
The search for alternative suppliers reflects the country’s need to stay flexible in a changing global energy market, as disruptions abroad continue to influence local prices and supply.
