Senate President Sherwin Gatchalian on Thursday called on the Department of Energy (DOE) to ensure a reduction in petroleum prices following the signing of a memorandum of understanding between the United States and Iran.
“While the signing of a memorandum of understanding between the US and Iran is just the first step towards a more lasting peace and order in the Middle East, this development gives us hope and confidence that fuel prices would soon start to stabilize at lower levels as the Strait of Hormuz is reopened without restrictions,” Gatchalian said.
He said Filipinos, particularly those in the transport sector and agriculture, have long been burdened by high fuel prices amid tensions in the Middle East, stressing the need for government intervention to provide relief.
“I urge the Department of Energy to ensure that this development swiftly translates into meaningful reductions in petroleum prices and immediate economic relief for consumers,” he added.
Gatchalian also urged the executive department to continue extending financial assistance to sectors most affected by elevated fuel costs until they have sufficiently recovered from the impact of sustained high oil prices.