Jauhn Etienne Villaruel

Motorists queue for fuel at a gas station in Quezon City on April 19, 2022, after another oil price hike. The price hike resumes after two weeks of rollback as the price of crude oil remains volatile in the world market. Mark Demayo, ABS-CBN News

Article (news)

OIL-PRICE-HIKE

Katrina Domingo

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:950px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/175021742245420220419-oil-rice-hike-MD-916.jpg" style="width:950px" class="fr-fic fr-dib"/><span class="fr-inner" style="text-align:left">Motorists queue for fuel at a gas station in Quezon City on April 19, 2022, after another oil price hike. The price hike resumes after two weeks of rollback as the price of crude oil remains volatile in the world market. <em>Mark Demayo, ABS-CBN News</em></span></span></span></div><p>MANILA — President Ferdinand Marcos Jr. on Wednesday said that fuel subsidies may be granted for stakeholders who will be “severely affected” by a projected oil price hike because of the war between Israel and Iran.</p><div><a href="https://www.abs-cbn.com/video/news/09/11/23/govt-to-distribute-billions-in-fuel-subsidy-in-the-next-2-days">Gov&#x27;t to distribute billions in fuel subsidy &#x27;in the next 2 days&#x27;</a></div><p>The government has given fuel subsidies during the pandemic, and it may have to do so again should oil prices spike because of recent tensions in the middle east, Marcos Jr. told reporters in a chance interview. </p><p>“We are starting already with the assumption that oil prices will in fact go up and I certainly cannot see how it will not because the Strait of Hormuz can be blocked if it escalates,” the President said. </p><p>“We will have to do the same for those who are severely affected stakeholders by any instability in the price of oil,” he added.</p><div><a href="https://www.abs-cbn.com/news/business/2025/2/5/fuel-subsidy-payout-to-begin-in-march-dotr-1826">Fuel subsidy payout to begin in March: Transport dept</a></div><p>The potential hike in fuel prices because of the escalating conflict between Israel and Iran is “a serious problem,” Marcos  said.</p><p>“The oil cannot come out of the sources so the prices will certainly be affected. It’s a serious problem,” he said.</p><p>The President has yet to say when the fuel subsidy program will begin and how much will be given to each beneficiary.</p><p>The Philippine government is also monitoring Filipinos in Israel and Iran, but will “not yet” order a mandatory repatriation, he said.  Migrant Workers Secretary Hans Leo Cacdac is en route to Jordan to monitor evacuation efforts for those who have volunteered to return to the Philippines to flee the conflict in the middle east.  There are some 30,000 Filipinos in Israel, while another 1,200 are living in Iran.</p><div><a href="https://www.abs-cbn.com/news/nation/2025/6/17/filipino-officials-in-israel-may-be-home-in-next-coming-days-owwa-0745">Filipino officials in Israel may be home ‘in next coming days’: OWWA</a></div><p>The war between Israel and Iran was reignited last week after Israeli forces bombed Iranian nuclear facilities and missile factories, describing the attack as a “preemptive strike.” </p><p>Israeli Prime Minister Benjamin Netanyahu claimed that Iran as been stockpiling nuclear weapons in the past few years to attack Israel.</p><p>Iranian Supreme Leader Ali Khameini vowed to avenge his slain countrymen, saying that they will retaliate against the &#x27;Zionist regime&#x27;.</p><div><strong>RELATED VIDEOS</strong></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/AiSvfHf9NXQ?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/YhXlCf5xxrM?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>President Ferdinand Marcos Jr. on Wednesday said that fuel subsidies may be granted for stakeholders who will be “severely affected” by a projected oil price hike because of the war between Israel and Iran.</p>

President Ferdinand Marcos Jr. on Wednesday said that fuel subsidies may be granted for stakeholders who will be “severely affected” by a projected oil price hike because of the war between Israel and Iran.

Fuel subsidies for 'severely affected' seen if Israel-Iran war hikes oil prices: Marcos

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Fuel subsidies for 'severely affected' seen if Israel-Iran war hikes oil prices: Marcos

Katrina Domingo,

ABS-CBN News

Published Jun 18, 2025 11:42 AM PHT

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Updated Jun 18, 2025 01:56 PM PHT

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