Will PH Fuel Prices Go Down? PH Gov't Officials Say Not Soon—Here's Why

(SPOT.ph) On April 2, 2026, the Department of Foreign Affairs (DFA) announced that Iran had granted safe passage to all Philippine-flagged vessels, fuel, and Filipino seafarers through the Strait of Hormuz. The assurance came from a discussion between Philippine Foreign Affairs Secretary Ma. Theresa Lazaro and Iranian Foreign Minister Seyed Abbas Araghchi. It was welcome news, especially as Filipinos have begun to feel the effects of the Middle East crisis through increased fuel prices and even saw the closure of over 400 gas stations.

But is safe passage for Philippine vessels enough, and does this mean commuters can count on fuel price rollbacks?

The short answer is no, according to Department of Energy (DOE) Secretary Sharon Garin and Private Sector Representative to the Legislative-Executive Development Advisory Council (LEDAC) Rene Almendras. However, both officials assure citizens that the government is doing what they can to manage local fuel stock issues and find more sustainable solutions.

News that Iran has assured safe passage to Philippine-flagged vessels sparked hope among Philippine citizens. As explained by DFA Sec. Lazaro in her statement, the Philippines sources a majority of its energy requirements—including crude oil and fertilizers—through the Middle East. Iran's assurance that it will allow safe passage of Philippine-flagged vessels, energy sources, and all Filipino seafarers promises greater security when it comes to the timely and steady delivery of oil and fertilizer supplies to the Philippines.

Understandably, the general impression was that a (relatively) steadier supply must mean that fuel prices could finally stabilize—and possibly return to the lower, double digits Filipinos knew before. However, on April 4, 2026, DOE Secretary Sharon Garin released a statement on Facebook, further clarifying what it means for the Philippines to be granted safe and preferential access through the Strait of Hormuz.

"This development will not immediately bring down fuel prices, nor does it resolve our long-term structural challenges in energy. Those remain priorities that we continue to address," Sec. Garin wrote.

Sec. Garin further highlights the importance of Iran's assurance; she explains that despite the fact that a majority of fuel used in the Philippines is being sourced from Singapore or Korea, the crude oil that these fuel sources come from still passes through the Strait of Hormuz. And while Sec. Garin confirms that the assurance of safe passage is an "important step that improves our position in a highly uncertain global environment," she clarifies that the agreement between DFA Sec. Lazaro and Iranian Foreign Minister Araghchi is "not a perfect solution, and it does not eliminate all risks."

She further explains that to be granted safe and preferential access means:

• risk of disruption to PH supply is reduced

• protection for Philippine-linked cargo is strengthened

• safety considerations for Filipino seafarers are improved

While Sec. Garin is clear that the Iranian grant does not immediately lower fuel prices and calls the move a form of risk management, she confirms that it still helps "ensure continuity of supply and stability, especially at a time when further disruptions could significantly affect our economy and our people."

Also read: This Website Shows You Nearby Gas Stations With the Cheapest Prices

In an interview with ANC on April 7, 2026, Rep. Rene Almendras said that he does not believe oil prices can go back to where it was even by the end of this year. "Even if the war is stopped today, tomorrow, that does not mean we will see everything normal in the next 30 days," Rep. Almendras expounds. "Maybe it will take 60 days, maybe 90 days."

According to Rep. Almendras, the issue is that there are over 500 tanker ships stuck north and south of the Strait of Hormuz—our global oil logistics is simply not designed for such a sudden surge, and he expects there to be a gridlock in the system. "Refineries have a limitation on how much fuel, how much crude oil they can take. That's a function of the storage capacity," he further explains.

The Middle East crisis has revealed this vulnerability, but despite his grim view of how long it might take to resolve the ongoing fuel crisis, Rep. Almendras sees it as a learning opportunity. "Never waste a good crisis," he quotes from Winston Churchill, and concludes on a more positive outlook.

"Let's learn from this to have a better sustainability-slash-survivability into the future. We are preparing for the worst and praying for the best, so hopefully—if it doesn't go that bad—then we smile a little bit and say, okay, we overplanned."

Also read: How to Score Cheaper Fuels with Your Credit Cards