MANILA, Philippines — Energy Secretary Sharon Garin said Saturday that fuel prices will not immediately decrease even as oil tankers resume safe passage through the Strait of Hormuz, citing ongoing global supply uncertainties.
Garin issued the statement after Iran assured safe transit for Manila-bound oil shipments through the key shipping route. She said the development improves supply access but does not address long-term structural issues in the country’s energy sector.
Domestic fuel prices have more than doubled since the United States and Israel launched military operations against Iran over a month ago. Diesel prices are expected to rise again this week, with regular diesel projected to exceed P160 per liter and premium diesel surpassing P170 per liter.
Garin said the government continues to prioritize lowering fuel costs amid the ongoing energy emergency. She added that while the Philippines sources refined fuel from regional hubs such as Singapore and South Korea, much of the crude oil used by these suppliers passes through the Strait of Hormuz.
She said disruptions in the waterway affect global oil supply and contribute to higher fuel prices.
The Philippines relies heavily on Middle Eastern oil, with Saudi Arabia as its largest supplier, increasing the country’s exposure to supply disruptions in the region.
Garin said the government remains committed to maintaining stable and uninterrupted fuel supplies despite continued volatility in the global energy market.
