No oil crisis, but crisis committee formedMotorists line up at a gasoline station along United Nations avenue on March 9, 2026, a day before the staggered fuel price adjustments take effect. MANILA, Philippines — President Marcos has ordered the creation of a crisis committee to address the impact of the Middle East conflict, even as Malacañang maintained there is no oil crisis yet in the country as supply remains stable. And despite double-digit hikes in fuel prices, there is no oil crisis in the country yet, Castro said, echoing Energy Secretary Sharon Garin. “Secretary Sharon Garin of the DOE said that right now, we are not considering the situation an oil crisis because we have a complete and enough supply of oil,” she said. Asked to clarify President Marcos’ recent statement in Bataan where he mentioned the phrase “oil crisis,” Castro said he was referring to the crisis in the Middle East.

Source: Philippine Star March 23, 2026 16:34 UTC