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Motorists line up at a gasoline station along Philcoa in Diliman, Quezon City on March 6, 2026. Maria Tan, ABS-CBN News/File

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

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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/177604880625420260306-oil-price-hike-refueling-MT5.jpg" style="width:960px" class="fr-fic fr-dib" width="960"/><span class="fr-inner" style="text-align:left">Motorists line up at a gasoline station along Philcoa in Diliman, Quezon City on March 6, 2026. <em>Maria Tan, ABS-CBN News/File</em></span></span></span>MANILA — Diesel prices are going down by <a href="https://www.abs-cbn.com/news/business/2026/4/13/doe-confirms-p20-rollback-for-diesel-1003">P23 per liter </a>starting Tuesday following the announcement of a ceasefire in the Middle East war last week.</div><p>But after the US and Iran failed to strike an agreement to end the war, tensions rose again, with <a href="https://www.abs-cbn.com/news/world/2026/4/13/us-to-begin-blockade-of-iranian-ports-monday-military-0821">US military saying it would begin blockading Iranian ports</a> Monday.</p><p>Former Energy undersecretary Jay Layug warned that the development was concerning for the Philippines, noting that according to Monday&#x27;s trading, oil prices returned to more than <a href="https://www.abs-cbn.com/news/world/2026/4/13/us-oil-benchmark-jumps-8-surpasses-100-after-failed-us-iran-talks-0856">$100 a barrel.</a></p><p>&quot;Will it last long? Well unfortunately today, we already saw another announcement, this time by the US that it will block the Strait of Hormuz, and that’s not a good sign for us,&quot; said Layug, also an executive board member of the Philippine Energy Research and Policy Institute.</p><p>&quot;And immediately the trading price today, I saw, the oil price went back up to more than 100 dollars. Let&#x27;s see this week because again the Philippines follows a week-on-week price movement. Let’s monitor this week,&quot; he said.</p><div><a href="https://www.abs-cbn.com/news/world/2026/4/13/us-to-begin-blockade-of-iranian-ports-monday-military-0821">US to begin blockade of Iranian ports Monday: military</a></div><p>The <a href="https://www.abs-cbn.com/news/world/2026/4/13/-no-other-way-mideast-prepares-for-more-fighting-as-talks-fail-0945">failure of the talks</a> will raise fears that renewed fighting could drive energy prices higher and further damage shipping and oil and gas facilities.</p><p>Pakistan urged both sides to keep observing the temporary truce.</p><p>But concern has grown that the ceasefire could collapse, in part because of continued Israeli strikes in Lebanon, where Iran insists the truce also applies.</p><p>Lebanese and Israeli officials are due to hold talks in Washington on Tuesday.</p><div><strong>—With a report from Agence France-Presse</strong></div><div><strong>RELATED VIDEOS: </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/mFAUD5EMKvM?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span></strong><br/></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/cJGU6iTO2KE?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span></strong><br/></div>

<p>Former Energy undersecretary Jay Layug warned that the development was concerning, noting that according to Monday's trading, oil prices returned to more than $100 a barrel.</p>

Former Energy undersecretary Jay Layug warned that the development was concerning, noting that according to Monday's trading, oil prices returned to more than $100 a barrel.

Fuel price cuts may be short-lived after US-Iran talks fail — expert

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Fuel price cuts may be short-lived after US-Iran talks fail — expert

ABS-CBN News

Published April 13, 2026 11:39 AM PHT

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Updated April 13, 2026 12:19 PM PHT

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Strait of Hormuz

Donald Trump

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Oil Crisis

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