MANILA, Philippines — The Department of Foreign Affairs (DFA) said Monday that the upcoming Association of Southeast Asian Nations-Gulf Cooperation Council (Asean-GCC) summit could lead to stabilized fuel prices in the region.
DFA Assistant Secretary Daniel Espiritu said the GCC and ASEAN are still discussing possible areas of cooperation.
“If the two original organizations can work together in this and assure each other of a continued and reliable supply, despite what we have called the vicissitudes of the energy economy and geopolitical instability, then we can more or less assure each other of a – or we can rather assure Asean of a continued and consistent supply throughout the year. This will help us mitigate higher oil prices in Asean,” Espiritu said in a Palace briefing.
When asked if the Asean-GCC summit could ease rising fuel prices, Espiritu explained that it could have an impact.
“Indirectly, yes, because the fundamental cause of high energy prices is of course shortages and instability in the region,” he said.
Espiritu added that the summit will also discuss food security in the region.
President Ferdinand “Bongbong” Marcos Jr. is expected to travel to Saudi Arabia on October 19 for the Asean-GCC summit.