President Ferdinand Marcos Jr. said grounding airplanes is a distinct possibility amid soaring oil prices caused by the Iran-Israel war. In an exclusive Bloomberg interview, he cited scarcity of crude oil supplies and longer refining times. Inflation in the Philippines is expected to rise due to the ongoing fuel crisis.
MANILA, Philippines — President Ferdinand Marcos Jr. stated that grounding airplanes is a “distinct possibility” amid soaring oil prices triggered by the Iran-Israel war. In an exclusive interview with Bloomberg, he explained a scarcity of crude oil supplies and noted that refining takes longer. “We will have to depend on what is already readily available,” Marcos said. He added that several airports in other countries have limited refueling for foreign planes, requiring Philippine aircraft to carry enough fuel for return trips. Asked if the Philippines would ground planes, he replied, “We’re hoping not, but it’s a possibility. It’s a distinct possibility.” Fuel prices in the Philippines have surged by double digits per liter, reaching a record high. Inflation is expected to increase as Middle East tensions persist for several weeks. The government is rushing mitigation measures, including fuel subsidies, toll and train discounts. Relatedly, Cebu Pacific has suspended international flights and trimmed routes due to fuel costs, while airport fees have been reduced.
