The fighting in the Persian Gulf remains subject to unexpected flare-ups, Energy Secretary Sharon S. Garin said, indicating that fuel prices could still be volatile depending on developments out of Iran. However, she added that countries have developed alternative options for sourcing petroleum products since the fighting began. Garin spoke at a briefing reported by BusinessWorld.
"We still have to remain vigilant because the situation can change quickly," Garin said, warning that any escalation in the Middle East could disrupt supply chains and push pump prices higher. Nevertheless, she pointed to improved diversification efforts, including increased imports from non-Gulf producers and stronger stockpiling measures by member nations of the International Energy Agency.
The energy chief's remarks come amid ongoing tensions between Iran and Western powers, which have kept global oil markets on edge. While the immediate crisis has not fully subsided, Garin noted that the Philippines and other importing countries now have more flexibility in securing crude and refined products, reducing their vulnerability to a single regional disruption.