DOE: Lifting of energy emergency looms but PH still affected by crisis

National

THE Department of Energy (DOE) said the country continues to feel the effects of the Middle East conflict even as the government eyes the possible lifting of the state of national energy emergency within the third quarter of the year.

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In a report by Inquirer.net, ‎Energy Sec. Sharon Garin said the agency has yet to recommend ending the emergency declaration despite positive developments in the peace talks between the United States and Iran.

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‎Top officials of both countries are expected to formally sign a deal to end the Middle East conflict on Friday, a move seen to improve global oil supply flows and market stability.

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‎However, Garin stressed that the effects of the crisis remain evident.

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‎“The effects of this crisis on us aren’t over yet. Some of our commodity prices are still affected,” Garin said.

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‎The state of national energy emergency was declared after the conflict in the Middle East triggered concerns over oil supply disruptions and soaring fuel prices.

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‎While the DOE is optimistic that the emergency status will not remain in place for a full year, Garin said more time is needed before authorities can consider lifting the declaration.

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‎“We just need time for things to settle and for prices to stabilize. Prices may not necessarily go down, but at least they should stabilize. I think, give or take, maybe another two or three months,” Garin said.

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‎According to the DOE chief, the decision to lift the energy emergency will not depend solely on the department's recommendation.

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‎Earlier, Energy Undersecretary Alessandro Sales said local oil prices could return to prewar levels within six to 12 months if the peace agreement in the Middle East holds.

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‎President Ferdinand Marcos Jr. declared a state of national energy emergency following the escalation of conflict in the oil-producing region, which led to higher fuel prices and concerns over energy supply.

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‎The declaration remains in effect for one year unless lifted or extended by the President. Under the emergency status, the DOE is authorized to limit fuel price increases and set minimum price rollbacks that fuel retailers can implement.( Rojen Ann De la Cruz, PIT Comm Intern)