Philippine oil companies have raised concerns with the Department of Energy (DOE) regarding "exaggerated" petroleum prices being offered by international suppliers amid the ongoing global oil crisis.

Energy Secretary Sharon Garin confirmed that the government is actively intervening to assist local oil firms in securing more reasonable rates to ensure the country’s fuel supply remains stable.

Garin further assured that the government is doing everything it can to help our oil companies and maintain an adequate fuel supply, noting that officials are currently strategizing on how to mitigate the impact of soaring costs, given the Philippines' heavy reliance on the international market.

To diversify sources and move away from traditional, high-cost suppliers, Garin stated that the Philippines is reaching out to neighboring countries and exploring new partnerships.

The DOE is reportedly seeking assistance and potential supply agreements with nations including Colombia, Argentina, Canada, Australia, and the United States.

The Philippine National Oil Company (PNOC) has also ramped up its efforts to find alternative suppliers as the conflict in the Middle East continues to destabilize global energy prices.

Garin emphasized that the administration is prioritizing long-term energy security by broadening its trade network to shield the local economy from extreme price volatility.