Philippine President Ferdinand Marcos says he is working to secure new sources of oil after he placed the country under a state of national energy emergency in response to the war in Iran.
Marcos told Filipinos in a televised address that the government would procure one million barrels of oil to add to the current stock, which is good for 45 days.
“We will have a flow of oil. Not just one delivery, not two deliveries, but a flow of oil-related products,” he said.
The Philippines, which imports 98% of its oil from the gulf, became the first country to declare an energy emergency after local diesel and petrol prices more than doubled in the country since the war broke out on 28 February.
