Tovic Salvador

DOE calls for emergency meeting, oil prices to go up due to closure of Strait of Hormuz

Article (news)

David Dizon

ABS-CBN News

MANILA (UPDATED) -- Oil prices are set to go up after a US-Israel strike on Iran led to Iran’s Revolutionary Guards forbidding all marine transport in the Strait of Hormuz, the Department of Energy said Monday.Petroleum companies in the Philippines said pump prices are going up by the following amounts on Tuesday, March 3: PILIPINAS SHELL, SEAOIL, CALTEX (effective 6 a.m.) Gasoline - P1.90/L increase Diesel - P1.20/L increase Kerosene - P1.50/L increaseCLEANFUEL (effective 4:01 p.m.) Gasoline - P1.90/L increase Diesel - P1.20/L increasePETROGAZZ (effective 6 a.m.) Gasoline - P1.90/L increase Diesel - P1.20/L increase“Ang presyo talaga tataas ‘yan. I will not sugarcoat it,” Energy Secretary Sharon Garin told radio DZMM.  “Sabihin mo na may oil na darating, tataas talaga dahil sa tensyon. The stress of the market will increase the price hanggang mag-stabilize &#x27;yan. We need to expect that,&quot; she said. &quot;Supply is the most crucial na ayaw na nating kumulang at mawalan tayo ng oil dito.&quot;Oil prices <a href="https://www.abs-cbn.com/news/business/2026/3/2/oil-price-surges-on-middle-east-conflict-0809">soared in Asia</a> on Monday on the back of turmoil in the Middle East following US and Israeli military strikes on Iran.In early trade, Brent Crude rose to just over $80 per barrel compared to the closing price of $72.87 on Friday before easing slightly.The price of Brent, the international benchmark for crude oil, already rose last week ahead of the strikes that began on Saturday.With the resulting regional turmoil, maritime transport is under threat through the Strait of Hormuz, through which around 20 percent of global oil passes.The key waterway is mostly but not completely closed, as some Chinese and Iranian vessels are reported to have passed through.Garin has called for an emergency meeting with oil companies Monday to discuss measures on how to ensure oil supply while the Middle East conflict continues.She added that government and the private sector will need to work together to increase fuel stockpiles above the DOE&#x27;s minimum inventory requirements for crude and finished product. “Minomonitor lang namin ‘yung supply kasi. Sisiguraduhin natin na meron tayo kasi baka tumagal ang pagsara ng Strait of Hormuz. D’yan dumadaan ang shipping ng mga oil products  so malaki ang dependence natin d&#x27;yan. I want us to prepare na in case ilang araw o ilang Linggo na hindi makakadaan ang oil deliveries at ano ang status ng supply natin,” she said.“Idi-discuss namin sa mga oil company kung just to be more cautious. okay na ‘yung sobra kesa kulang na kung pwedeng taasan kaya lang medyo magastos ‘yan.”She also warned against panic buying, saying this could push prices even higher.“Enough pa naman supply natin ngayon. Hindi naman kailangan. Sa ngayon, nothing to worry about that. Let’s save on fuel and electricity, makakatulong ‘yan,” she said. Meanwhile, Palace Press Officer Claire Castro said the government is ready should there be a need to distribute fuel subsidy in case of big time oil price hikes.&quot;Meron po budget pa 2025 na P2.5 billion pesos na pwedeng gamitin, ito ay naibigay na sa LTFRB para maimplement. Sa DA naman po, meron P25 million pesos for farmers, sa BFAR meron naman P25 million budget for fisherfolk,&quot; Castro said.&quot;Ayon sa DOTR, nagkaroon na ng instruction sa mga road sector to finalize to documentation and processing of the continuing 2025 fuel subsidy in the amount P2.5 billion, and once the world market breaches the 80 dollar per barrel of crude oil, they can immediately distribute to qualified beneficiaries,&quot; Castro added. <div>-- With a report by Agence France-Presse; Jervis Manahan, ABS-CBN News</div>

Energy Secretary Sharon Garin has called for an emergency meeting with oil companies Monday to discuss measures on how to ensure oil supply while the Middle East conflict continues.

Energy Secretary Sharon Garin has called for an emergency meeting with oil companies Monday to discuss measures on how to ensure oil supply while the Middle East conflict continues.