The government may postpone the distribution of fuel subsidies if the ongoing tension between Israel and Iran does not result in a significant spike in local oil prices.
According to President Ferdinand Marcos Jr., the situation will return to normal if fuel prices remain stable.
Following the ceasefire declaration between Israel and Iran on Tuesday (June 24), global oil prices per barrel are expected to drop in the coming days.
Earlier this week, fuel prices in the Philippines saw a slight increase. However, oil companies noted that the ceasefire between the two nations already had an immediate effect on stabilizing prices.
President Marcos assured that the country can still manage the economic impact of international tension—particularly on oil supply and pricing.
Nonetheless, the President emphasized that the government remains cautious and continues to monitor local oil price movements.
He also noted that some companies still tend to raise prices even when there’s no significant change in the global oil market. | via Krizza Lopez, Eurotv News