DOE: Iran’s granted oil passage will not ‘immediately’ lower fuel prices in PH

By Nash Villena, Philippine Canadian Inquirer
April 5, 2026

(File Photo | Sharon S. Garin/Facebook)

MANILA, Philippines — Department of Energy Secretary Sharon Garin clarified Saturday that fuel prices in the Philippines will not be lowered “immediately” following Tehran’s recent assurance of safe passage for Philippine-bound oil transits and vessels in the Strait of Hormuz.

Garin underscored that the arrangement with Iran is a risk-management step by the Philippine government and “is not a perfect solution” for the long term, nor does it “eliminate all risks”.

The arrangement, however, the energy secretary said, minimizes the risk of disruption to the country’s current oil supply, strengthens the protection for Philippine-linked cargo, and improves the safety conditions for Filipino seafarers in the Gulf region as the US-Israeli war on Iran ensues.

“Even if much of our fuel is sourced from regional hubs like Singapore or Korea, the crude oil these come from often passes through the Strait of Hormuz. Any disruption there creates a domino effect that impacts global supply—and ultimately, prices at the pump,” she said.

“But what this [arrangement] does is help ensure continuity of supply and stability, especially at a time when further disruptions could significantly affect our economy and our people.”

On Thursday, April 2, Department of Foreign Affairs Secretary Ma. Theresa Lazaro had a phone call with Iranian Foreign Minister Seyed Abbas Araghchi, in which Tehran assured Manila the safe transit of the country’s “energy sources”, including crude and petroleum products.