Marcos urges Filipinos not to hoard diesel

PRESIDENT Ferdinand R. Marcos, Jr. urged Filipinos not to hoard diesel as the government warned of prolonged pressure on fuel prices following the failure of the US and Iran to reach a peace agreement.

In a video message on Sunday, Mr. Marcos appealed for restraint and cooperation, warning that panic buying could worsen supply pressures during an already fragile period in global oil markets.

“It is sad and upsetting to see some of the incidents we have seen recently because in the midst of what we are going through, they have chosen to only think about themselves,” he said in Filipino, referring to reports of disorder at fuel stations.

Palace Press Officer Clarissa A. Castro said the breakdown in negotiations between Washington and Tehran was “bad news” for expectations of a lasting ceasefire, noting that continued tensions would likely affect petroleum products.

“Definitely, if this continues, it will affect petroleum products,” she said in Filipino, adding that the Philippines maintains amicable ties with Iran, which considers Manila a “nonhostile” country.

Ms. Castro said diplomatic relations might help maintain communication channels, but stressed that the Philippines remains exposed to global oil shocks as an import-dependent economy.

Fuel prices have climbed in recent weeks due to supply disruptions linked to the Iran conflict, contributing to a rise in inflation in March to a near two-year high.

Reports of diesel hoarding emerged in some areas as motorists rushed to refuel amid uncertainty over future price movements. — Chloe Mari A. Hufana