The State of the Nation Address (SONA) on July 27 will address pressing energy issues, particularly as tensions in the Persian Gulf threaten to push oil prices higher. The Department of Energy (DoE) is seeking directives from President Ferdinand R. Marcos Jr. to mitigate the impact of potential oil crises.
Renewed Conflicts Impacting Oil Prices
Hopefully (President Ferdinand R. Marcos, Jr.) can give us a directive on what we need to do so we won’t suffer as much during (the next) oil crisis.
Sharon S. Garin, Energy Secretary
- Domestic diesel prices peaked at P170 per liter amid supply disruptions.
- The current geopolitical climate has pushed pump prices past P100 per liter.
The DoE has indicated that the recent escalation in Middle Eastern conflicts, particularly following attacks involving the US and Israel against Iran, has disrupted oil shipments, exacerbating the volatility of global oil markets.
Energy Secretary Garin emphasized that the DoE is preparing recommendations for the President's address, which is expected to focus significantly on energy policy. The government is also aiming to advance over 200 power projects in the pipeline as the Marcos administration enters its final two years.
Plans are in place for the construction and rehabilitation of power facilities across Mindoro, Palawan, and the Visayas, regions that have recently faced power supply issues. Garin expressed optimism that by the end of the Marcos administration, the energy situation in the Visayas will improve.