The Philippines Has Become The First Country In The World To Declare A National Energy Emergency Due To The War On Iran
The emergency declaration authorizes the government to directly purchase fuel and petroleum products, take action against hoarding and price manipulation.
The Philippines has become the first country in the world to declare a national energy emergency in response to the regional instability caused by the US and Israel’s joint unprovoked war on Iran on Feb. 28.
The country imports 98% of its oil from the gulf, according to the BBC.
Since the war began, diesel prices have more than doubled and gasoline rose by close to 80%.
Transport workers, who collectively move about 40 million passengers a day and make up around two million jobs, were among the hardest hit, as jeepneys and cargo vessels run almost entirely on imported fuel.
Signing an Executive Order on Tuesday, March 24, Philippine president Ferdinand Marcos Jr. said there is an “imminent danger” to the country’s energy security as the conflict led to Iran closing the Strait of Hormuz, through which 20% of the world’s oil passes.
The emergency declaration, which will remain valid for one year, authorizes the government to directly purchase fuel and petroleum products, take action against hoarding and price manipulation and, if necessary, pay supply contracts in advance.
The government also released ₱20 billion (about US$406 million) from a national gas fund to secure fuel supplies and began talks with non-traditional suppliers, including China, India and Russia.
Marcos said that the country only had about 45 days of fuel supply left based on current consumption levels, which is less than half the 90-day buffer recommended by the International Energy Agency (IEA) for oil-importing nations.
His emergency declaration came just as transport workers, commuters and consumer groups planned to launch a massive two-day nationwide strike on Thursday to protest rising oil prices.
While the administration has deployed “free rides” to stranded commuters and arranged weekly flights to bring Overseas Filipino Workers (OFWs) home, labor leaders and critics argue these measures remain a grossly insufficient response.
More On US-Israel War On Iran
Cherry Mohamed
Cherry Mohamed
Cherry Mohamed
