MANILA, Philippines — President Ferdinand R. Marcos Jr. said the government is prepared to roll out fuel subsidies for sectors most affected by a potential surge in oil prices amid rising tensions between Israel and Iran.

“We are starting already with the assumption that oil prices will in fact go up, and I cannot see how it will not because the Strait of Hormuz will then be blocked if it escalates,” Marcos told reporters Wednesday after inspecting a school in Quezon City.

The President said the government had implemented similar aid measures during the COVID-19 pandemic and would again provide assistance if global oil supply disruptions severely impact vulnerable sectors.

“Now we will have to do the same for those who are severely affected by any instability in the price of oil,” he said.

In 2023, fuel subsidies were granted to public utility vehicle (PUV) drivers to cushion the impact of rising pump prices.

The ongoing conflict in the Middle East has raised fears of possible disruptions in oil shipments, particularly through the Strait of Hormuz—a vital maritime passage where nearly one-third of the world’s seaborne oil and about one-fifth of liquefied natural gas (LNG) flow.