Jonathan Frederic De Santos

A fisherman paddles before the Sierra Leone-flagged Sara Sky, which is carrying crude oil from Russia, anchored at Limay port, Bataan province on March 26, 2026. Ted Aljibe, AFP

Article (news)

Katrina Domingo

ABS-CBN News

<div><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/17756441041951775644102182.jpeg" style="width:960px" class="fr-fic fr-dib" width="960"/>A fisherman paddles before the Sierra Leone-flagged Sara Sky, which is carrying crude oil from Russia, anchored at Limay port, Bataan province on March 26, 2026. Ted Aljibe, AFP </div>MANILA — The Philippines will “take full advantage” of the two-week ceasefire between Iran and the US and Israel to increase oil supply and bring down domestic pump prices, President Ferdinand Marcos Jr. said on Wednesday.Movement restrictions through the Strait of Hormuz and damage to oil infrastructure in several Persian Gulf countries have pushed pump prices up since the US and Israel attacked Iran on February 28 amid negotiations on its nuclear program.“We have the two weeks, we will take as much advantage of it as we possibly can by assuring the supply of petroleum products in the Philippines, and hopefully do something about the pricing kasi luluwag na ang market,” the president said.<div><a href="https://www.abs-cbn.com/news/business/2026/4/8/mideast-conflict-could-cut-ph-rice-production-by-half-agri-official-1625">Mideast conflict could cut PH rice production by half — Agri official </a></div>Marcos Jr. acknowledged the two weeks &quot;may not be enough&quot; to tame prices &quot;because it is so volatile.&quot;Authorities earlier said the Philippines has around 50 days&#x27; worth of fuel in stock and enough for the country&#x27;s needs until June 30.High pump prices have already prompted energy-conservation measures like remote work arrangements. Transport groups have said many of their members <a href="https://www.abs-cbn.com/news/nation/2026/4/4/drivers-delivery-riders-call-for-long-term-solutions-as-fuel-prices-shrink-income-1353">can no longer afford to ply their routes</a>. Marcos said he is “hoping and praying” thats the half-month truce will further extend to give the Philippines more time to extract more oil supply from the conflict-ridden region.“I think that everybody around the table is willing and desirous, kung gusto nila na matapos na ang gulong ito, hopefully, all the parties will come together,” he said.Before the US and Iran agreed to halt hostilities for 14 days, Tehran had granted Manila’s request to provide safe passage for Philippines-flagged vessels passing through the Strait of Hormuz, the strategic waterway where 20 percent of global oil supply passes through.<div><a href="https://www.abs-cbn.com/news/nation/2026/4/7/piston-kmu-stage-protest-vs-oil-price-hikes-1354">PISTON, KMU stage protest vs oil price hikes </a></div>Energy Secretary Sharon Garin earlier said that fuel prices in the Philippines are not expected to return to pre-war levels as it would take time for Gulf countries to repair damaged facilities.

“We have the two weeks, we will take as much advantage of it as we possibly can by assuring the supply of petroleum products in the Philippines, and hopefully do something about the pricing kasi luluwag na ang market,” Marcos Jr. said.

“We have the two weeks, we will take as much advantage of it as we possibly can by assuring the supply of petroleum products in the Philippines, and hopefully do something about the pricing kasi luluwag na ang market,” Marcos Jr. said.

Marcos: PH to ‘take full advantage’ of ceasefire to hike supply, tame fuel prices

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Marcos: PH to ‘take full advantage’ of ceasefire to hike supply, tame fuel prices

Katrina Domingo,

ABS-CBN News

Published April 08, 2026 06:42 PM PHT

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Updated April 08, 2026 06:55 PM PHT

Read More:

Ferdinand Marcos Jr.

Iran

United States

Strait of Hormuz

Fuel prices

Fuel supply

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