Energy Secretary Sharon Garin said Filipinos will need to change lifestyles if global oil prices reach $200 per barrel, as the scenario no longer seems far-fetched three weeks into the Middle East war.
In a Thursday interview on ANC, Energy Secretary Sharon Garin said it is time to reduce fuel dependency and start 'electrifying everything' if Brent Crude breaches $200 per barrel. 'We have to change our lifestyle, I think,' she told ANC, noting that she has used electric vehicles since the conflict erupted on Feb. 28 due to rising fuel costs. She warned of unpredictable fuel supply in the Philippines if Iran blocks the Strait of Hormuz, through which one-fifth of the world's oil passes. 'Worst case really is we won’t have enough, or we won’t have any… that’s why I’m laser-focused not to run dry because we need to have oil in this country for the economy to grow,' she said. Garin urged Filipinos to conserve energy as a 'small sacrifice,' even if supplies remain stable until end of April, suggesting to avoid unnecessary car use, carpool, work from home, and stay home if no mall errands needed. The Philippines' daily oil consumption hit 486,600 barrels per day in 2024, returning to pre-pandemic levels per the Energy Institute’s 'Statistical Review of World Energy,' growing at 3.7% annually from 2014-2024, surpassing Malaysia, Singapore, and South Korea. Other Asian countries have acted: Pakistan and Bangladesh canceled classes, Maldives and Nepal rationed LPG. The International Energy Agency issued 10 recommendations on Friday, including work-from-home, highway speed reductions, public transport, carpooling, electric cooking, and avoiding air travel where possible.
