Marcos Forms Oil Task Force, Says No Crisis Yet

President Ferdinand Marcos Jr. has ordered the creation of a crisis committee to manage the impact of the Middle East conflict, even as officials maintained that the country is not facing an oil crisis.

Malacañang said the situation is currently a “price disruption,” not a supply shortage, with Claire Castro stressing that fuel supply remains stable.

The planned committee will focus on ensuring steady oil supply and protecting consumers from rising fuel costs, while government aid—such as subsidies and cash assistance for transport workers—continues to be rolled out.

The Department of Energy also clarified that a true crisis would only occur if supply drops below minimum levels, noting that current price increases are driven by global market tensions.

Meanwhile, Congress is moving to finalize a measure granting the President authority to suspend fuel excise taxes, with implementation tied to global oil price thresholds.