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

MANILA – 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.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.“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. According to Garin, the country remains highly dependent on imports from conflict-affected regions.“99 percent of our oil comes from there, and 20% of the whole world,” Garin said.Garin also noted a 25-percent drop in fuel demand, which helped stabilize local supply.“We’re at a level where we don’t need <a 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.Diesel prices have doubled since the end of February after the United States and Israel launched strikes against Iran. 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.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. <div><a 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>The agency recently reported that the country has more than 50 days of oil supply, exceeding the typical industry benchmark of 30 days. However, while supply remains sufficient, prices will continue to climb, particularly in diesel, due to global premiums and rising insurance and shipping costs.<div>INTERVENTIONS</div>The government said it is closely monitoring oil firms to prevent overpricing, requiring companies to regularly disclose their inventory, incoming shipments, and pricing components.Authorities are studying possible interventions, including a price cap on diesel, but warned of potential drawbacks.“We have been assessing, we have been evaluating this option,” she 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.”Even if geopolitical tensions ease, Garin said recovery will take time due to extensive damage to oil facilities.“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.”“That ripples down to agriculture, trades, transportation, health, lahat po affected na ‘yan,” Garin added.

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.

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 01:22 PM PHT

Read More:

Oil

Diesel

Price Hike

Sharon Garin

Department of Energy

Middle East

Iran

US

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