By Chloe Mari A. Hufana and Sheldeen Joy Talavera, Reporters
PRESIDENT Ferdinand R. Marcos, Jr. on Wednesday said that fuel subsidies may be given to stakeholders that are most vulnerable to a spike in oil prices amid an escalating conflict in the Middle East.
“We are starting already with the assumption that oil prices will in fact go up, and I cannot see how [they] will not because the Strait of Hormuz will then be blocked if it escalates,” Mr. Marcos told reporters during an inspection of a burned-down elementary school in Quezon City, according to a transcript from his office. “The prices will certainly be affected.”
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