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By Chloe Mari A. Hufana, <\/b>Reporter<\/i><\/span><\/p>\n PHILIPPINE President Ferdinand R. Marcos, Jr. has instructed agencies to prepare for possible surges<\/span> in worldwide oil rates amid escalating tensions in the Middle East, a significant oil-producing region, the presidential palace announced on Tuesday. <\/span><\/p>\n In addition to fuel subsidies, the government is evaluating supplementary aid packages in anticipation of price increases, Palace Press Officer Clarissa A. Cas<\/span>tro shared during a news briefing.<\/p>\n She mentioned that Mr. Marcos has charged the Department of Energy (DoE) to engage with oil firms to ensure sufficient reserves and implement gradual fuel price modifications to lessen the burden on consumers.\u00a0<\/span><\/p>\n While the conflict with Israel has not yet affected Iran\u2019s crude oil production and export facilities, Brent futures have climbed nearly 6% due to increased risks since the close on June 12 to trade around $73.58 a barrel in Asia on Tuesday, according to Reuters.<\/span><\/p>\n Oil companies in the Philippines are required to maintain a minimum 30-day fuel stockpile to stabilize the local supply. If global crude prices exceed the $80 per barrel mark, fuel subsidies for public transport drivers and fishermen will be <\/span>automatically activated, Ms. Castro further stated.<\/span><\/p>\n Motorists encountered another series of fuel price increases this week, as oil firms announced hikes on Monday, marking the fifth consecutive week of rises for gasoline, the third for diesel, and the second for kerosene.<\/p>\n The DoE\u2019s Oil Industry Management Bureau previously attributed the upward trend to various global factors, such as enhanced market sentiment from improving US-China trade relations, stalled nuclear discussions between the US and Iran, and a forecasted increase in worldwide oil demand over the next 25 years.<\/p>\n As per the Palace, the Department of Agriculture (DA) and the Department of Transportation would also be notified to implement the necessary support programs should tensions in the Middle East escalate fuel prices.<\/span><\/p>\n Jetti Petroleum, Inc. President Leo P. Bellas<\/span> stated that they are prepared to execute any directives from the government.<\/p>\n \u201cWe are observing the situation due to potential supply concerns,\u201d he remarked in a Viber chat. \u201cFor price escalations, we are ready to follow whatever will be needed by the government for downstream oil industry participants.\u201d<\/p>\n He emphasized that the company maintains \u201chealthy product inventories\u201d at its terminals, but any significant rise in local demand could impact supply and other oil companies.<\/p>\n Rizal Commercial Banking Corp., Chief Economist Michael L. Ricafort noted that the potential surge in oil prices could influence inflation.<\/span><\/p>\n \u201c[There might be a] slight rise in inflation, with global crude oil prices climbing by about +$8 since June 13, 2025, [when] Israel-Iran clashes commenced,\u201d he stated in a Facebook Messenger chat.<\/p>\n \u201c[This] could also lead to an increase in the country’s trade deficit, import prices, and overall trade balance,\u201d he added.<\/p>\n Inflation eased to an over five-year low of 1.3% in May, as utility costs rose at a slower rate. This brought the five-month average to 1.9%, slightly below the central bank\u2019s 2-4% target range.<\/p>\n