Philippines declares national energy emergency due to Middle East war fuel crisis
A national state of emergency has been declared in the Philippines due to the Iran war’s impact on global oil supplies.
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President Ferdinand Marcos Jr has declared that the conflict in the Middle East will drive up fuel and electricity costs dramatically.
He has signed an executive order that the ongoing conflict involving the United States, Israel and Iran is posing a threat to the country’s energy security.
The country is bracing for a spike in oil prices that is likely to put strain on transport and power costs. The Philippines imports nearly all of its fuel needs.
Marcos said the move would allow the government to take "co-ordinated measures" to address disruptions in the country's economy.
He added that a committee had been formed to ensure the orderly movement, supply, distribution and availability of fuel, food, medicines and other essential goods.
Slovenia yesterday became the first EU country to introduce rationing due to ‘fuel tourism’ People have been travelling to Slovenia from nearby countries to take advantage of lower prices.
Under the new measures, private motorists in Slovenia will be restricted to a maximum purchase of 50 litres of fuel per day.
Sri Lanka has hiked fuel prices by 25% and has declared every Wednesday a holiday for public institutions to conserve fuel as the island nation grapples with possible shortages in the wake of the US and Israel's war with Iran.
Chancellor Rachel Reeves said the economic challenges from the Iran war may be "significant" as she shared that contingency planning was under way for energy bill support "for those who need it most".
The Strait of Hormuz remains closed and Tehran's chokehold on the crucial waterway has snarled international shipping, sent fuel prices skyrocketing, and threatened the world economy.
The Iranian regime has taken the step of charging some tankers $2m to pass through the Strait of Hormuz, leading to a big spike in prices. Iranian official Alaeddin Boroujerdi told the country’s state broadcaster on Sunday that the massive toll marks the start of a new approach to controlling the waterway.
"Now, because war has costs, naturally we must do this and take transit fees from ships passing through the Strait of Hormuz," he said.
It is understood that a handful of ships have so far taken up Iran on the offer.