Chalssea Kate Echegoyen

Motorists line up at a gasoline station along Philcoa in Diliman, Quezon City on Friday, March 6, in a rush to refuel ahead of the expected fuel price increase next week. Long queues of cars and motorcycles formed as drivers tried to fill up before the anticipated hike in gasoline and diesel prices.  Maria Tan, ABS-CBN News

Article (news)

OIL PRICE HIKE

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px;display:block" width="960"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/177565512827320260407-oil-price-hike-quezon-city-MT9.jpg" style="width:960px" class="fr-fic fr-dib" alt="Fuel prices are displayed at a gasoline station in Quezon City on April 7, following another round of fuel price hikes. Maria Tan, ABS-CBN News" width="960"/><span class="fr-inner" style="text-align:left">Fuel prices are displayed at a gasoline station in Quezon City on April 7, following another round of fuel price hikes. <em>Maria Tan, ABS-CBN News</em></span></span></span></div><p>MANILA (<strong>UPDATED</strong>) – The Philippines should not expect fuel prices to return to pre-war levels anytime soon, even if the ongoing conflict in major oil-producing regions were to stop today, Energy Secretary Sharon Garin said Wednesday.</p><p>Despite having the clearance from Iran to allow the safe passage of Manila-flagged vessels and seafarers through the Strait of Hormuz, Garin said global factors, including damaged oil infrastructure and rising delivery costs, will continue to keep pump prices elevated.</p><p>“This price went up in one month, triple na tayo. It went up day, week-on-week. [Why?] Because they kept on bombing the oil fields, all the infrastructures in the Middle East, and those are our sources,” Garin said. </p><p>According to Garin, the country remains highly dependent on imports from conflict-affected regions.</p><p>“99 percent of our oil comes from there, and 20% of the whole world,” Garin said.</p><p>Garin also noted a 25-percent drop in fuel demand, which helped stabilize local supply.</p><p>“We’re at a level where we don’t need <a class="fr-green fr-strong" href="https://www.abs-cbn.com/news/business/2026/4/7/diesel-at-p200-l-doe-says-it-s-possible-amid-middle-east-conflict-2246">rationing</a> because there’s enough supply, and in fact, the demand is going low. Mga 20 to 25 percent ang decrease ng demand ngayon,” she said.</p><p>Diesel prices have doubled since the end of February after the United States and Israel launched strikes against Iran. </p><p>Based on data from the Department of Energy’s Oil Monitor website, diesel prices in the National Capital Region ranged from P48 to P65.39 per liter from Feb. 24 to March 2, or the last week before the outbreak of war in the Middle East.</p><p>As of April 6, or the last updated matrix of pump prices on the DOE website, diesel prices in the NCR ranged from P110 to P144.90 per liter. Gasoline prices meanwhile ranged from P82.20 to P114.90 per liter, and kerosene ranged from P149.89 to P168 per liter. </p><div><a class="fr-green fr-strong" href="https://www.abs-cbn.com/news/business/2026/4/7/fuel-prices-double-since-end-of-february-1700">Fuel prices more than double since end of February</a></div><p>The agency recently reported that the country has more than 50 days of oil supply, exceeding the typical industry benchmark of 30 days. </p><p>However, while supply remains sufficient, prices will continue to climb, particularly in diesel, due to global premiums and rising insurance and shipping costs.</p><div><br/></div><div><strong>TAKING ADVANTAGE</strong></div><p>ACT Teachers party-list Representative Antonio Tinio believes some oil players are taking advantage of the situation.</p><p>&quot;May ceasefire, at bubuksan muli ang Strait of Hormuz… Bakit pagka bumababa, ang daming dahilan para sabihin hindi pa maaaring bumaba ang presyo? &#x27;Yun nga ang patunay na pinagsasamantalahan at tumutubo nang sobra-sobra ang oil companies sa publiko,&quot; Tinio told reporters.</p><div><a class="fr-green fr-strong" href="https://www.abs-cbn.com/news/world/2026/4/8/us-iran-truce-what-we-know-1317">US-Iran truce: What we know</a></div><p>The lawmaker called on the DOE to unbundle oil prices or break down costs and other components used as basis for pricing and make them public.</p><p>Garin said they already issued an order to companies to submit unbundled prices.</p><p>&quot;Because of the EO, we have issued an order to the companies to submit their unbundled prices. We&#x27;re waiting for their consolidated… What is going to be public and not public, that will depend on the provisions of the law. But the trigger of this power was the issuance of the EO of the president,&quot; Garin said.</p><p>&quot;Malinaw na sa jurisprudence na sinasabi, &#x27;Yes, confidential &#x27;yan, pero puwedeng i-disclose ng secretary for public interest.&#x27; And very clearly ngayong panahon ng national energy emergency, kailangan makita ng publiko,&quot; Tinio replied.</p><p>House Committee on Ways and Means Chairperson Miro Quimbo said they will wait for Garin&#x27;s action in response to this. </p><p>These were all part of discussions under the Legislative Energy Action Development (LEAD) Council, bringing together 13 House committees to come up with a response to the impact of tensions in the Middle East or West Asia.</p><div><br/></div><div><strong>INTERVENTIONS</strong></div><p>The government said it is closely monitoring oil firms to prevent overpricing, requiring companies to regularly disclose their inventory, incoming shipments, and pricing components.</p><p>Authorities are studying possible interventions, including a price cap on diesel, but warned of potential drawbacks.</p><p>“We have been assessing, we have been evaluating this option,” Garin said. “If we put the price cap, ang magiging direct effect nito is, our oil companies would buy less and less oil. So we have to balance baka kumonti nang kumonti ang oil natin.”</p><p>Even if geopolitical tensions ease, Garin said recovery will take time due to extensive damage to oil facilities.</p><p>“We have shifted from a fuel problem, energy problem to an economic problem,” Garin said. “Ang epekto ng high prices of fuel has become a string or a pinpoint for most of the industries.”</p><p>“That ripples down to agriculture, trades, transportation, health, lahat po affected na ‘yan,” Garin added. </p><div><br/></div><div><strong>NO SIGNIFICANT DROP</strong></div><p>A former Energy Secretary also does not believe that the ceasefire between the United States and Iran will lead to lower fuel prices immediately.</p><p>Speaking to reporters at the sidelines of a Management Association of the Philippines (MAP) event in Taguig on Wednesday, former Energy Secretary Rene Almendras urged the public to manage expectations, citing lingering constraints in global oil supply.</p><div><a class="fr-green fr-strong" href="https://www.abs-cbn.com/news/business/2026/4/7/don-t-expect-oil-to-normalize-at-once-even-if-mideast-war-stops-today-ex-energy-chief-1823">Don&#x27;t expect oil to normalize at once even if Mideast war stops today—ex Energy chief</a></div><p>He noted that even if tensions in the Middle East deescalate, storage and refinery capacity in Southeast Asia would also need time to catch up.</p><p>He noted that even if tensions in the Middle East deescalate, storage and refinery capacity in Southeast Asia would also need time to catch up.</p><p>&quot;I don&#x27;t expect it to drop significantly… Kahit magdatingan lahat ng barko sa Southeast Asia, limitado rin ang storage capacity ng refineries, so hindi pwedeng i-unload lahat yung kargamento na yun in a matter of hours. Parang naimbudo e so you need time to be able to catch up,&quot; he said.</p><p>&quot;It will take 30, 60, maybe even 90 days for the logistical flows to normalize,&quot; he added. </p><div><br/></div><div><strong>OVER 5,000 STRANDED SEAFARERS</strong> </div><p>Meanwhile, there are 5,601 Filipino seafarers on 477 vessels are stranded in the Persian Gulf, according to the Department of Migrant Workers (DMW). </p><p>And according to Department of Foreign Affairs (DFA) Undersecretary Maria Andrelita Austria, fewer than 200 ships managed to pass through the Strait of Hormuz before the truce was declared.</p><p>“As per the DMW&#x27;s figures, there are about 5,600 Filipino seafarers in the area, on board 477 different vessels. Before the hostilities, about 3,000 ships passed through the strait each month. Before the truce was announced, fewer than 200 ships have managed to pass through the strait,” Austria said.</p><p>DMW Secretary Hans Leo Cacdac said there are 2,200 Filipinos awaiting repatriation amid the conflict in West Asia. -- <strong>with a report from Andrea Taguines, ABS-CBN News</strong></p><div><br/></div><div><strong>RELATED VIDEO:</strong></div><div><strong><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/4Lgn4yqT7lU?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span></strong><br/></div>

<p>The Philippines should not expect fuel prices to return to pre-war levels anytime soon, even if the ongoing conflict in major oil-producing regions were to stop today, Energy Secretary Sharon Garin said Wednesday.</p>

The Philippines should not expect fuel prices to return to pre-war levels anytime soon, even if the ongoing conflict in major oil-producing regions were to stop today, Energy Secretary Sharon Garin said Wednesday.

Fuel prices unlikely to normalize soon even if war ends today: Garin

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Fuel prices unlikely to normalize soon even if war ends today: Garin

Chalssea Kate Echegoyen,

ABS-CBN News

Published April 08, 2026 12:31 PM PHT

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Updated April 08, 2026 09:33 PM PHT

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Oil

Diesel

Price Hike

Sharon Garin

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Iran

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