DOE: Hormuz pass won’t quickly cut fuel prices

MANILA, Philippines — While Manila-bound oil tankers can now safely transit the Strait of Hormuz, Energy Secretary Sharon Garin said Filipinos should not expect immediate relief at the pump.

“This development will not immediately bring down fuel prices, nor does it resolve our long-term structural challenges in energy,” Garin clarified in a statement late Saturday.

More than a month after the United States and Israel launched a military campaign against Iran, domestic fuel prices have more than doubled. 

Notably, diesel prices are expected to see another double-digit increase this week, pushing regular diesel above P160 per liter and premium diesel past P170 per liter.

Lowering fuel prices remains a top government priority amid the ongoing energy emergency, Garin said.

Although Iran’s assurance is not a complete fix and does not erase all risks, the energy chief said it provides the Philippines with “safe and preferential access” to critical oil supplies.

“It is an important step that improves our position in a highly uncertain global environment. Even if much of our fuel is sourced from regional hubs like Singapore or Korea, the crude oil where these come from often passes through the Strait of Hormuz,” Garin said.

“Any disruption there creates a domino effect that impacts global supply – and ultimately, prices at the pump,” she added.

The Philippines sources most of its crude oil from the Middle East, with Saudi Arabia as its largest supplier. This leaves the country highly exposed to disruptions in one of the world’s top oil-producing regions. 

Despite ongoing uncertainties, Garin said the government remains committed to ensuring stable and uninterrupted fuel supplies.