Philippines President Ferdinand Marcos Jr. has declared a state of emergency in the country's energy sector. This move is linked to a sharp rise in oil prices following the escalation of conflict in the Middle East, which the head of state described as an "imminent threat" to the nation's energy supply.

The emergency decree will be in effect for one year, according to Reuters. The document states that the Middle East conflict has triggered uncertainty in global energy markets and disruptions in supply chains. A special committee has been established in the Philippines to distribute fuel, food, medicines, agricultural products, and other essential goods.

Based on estimates from the Philippines Department of Energy, the country's fuel reserves are sufficient for approximately 45 days. The government is working to purchase 1 million barrels of oil from other countries to build up reserve stocks. President Ferdinand Marcos Jr. stated that authorities are prepared to consider buying fuel from Russia. He also suggested that civil aviation flights could be suspended due to fuel shortages.

After the start of a military operation by the US and Israeli regimes against Iran on February 28, shipping through the Strait of Hormuz—a key route for oil and LNG supplies from Persian Gulf countries—has been restricted. Several countries, including Thailand, Sri Lanka, and South Korea, have expressed readiness to purchase oil from sanctioned Russia.

Source: kun.uz