The Department of Energy announced that Philippine National Oil Co. will suspend emergency petroleum purchases for the time being, even as fighting intensifies in the Middle East.
Energy Secretary Sharon S. Garin told reporters that the international supply chain is functioning and that fuel is available at prevailing market prices, eliminating the need for additional emergency procurement.
Oil prices climbed nearly 3% after the United States reinstated a naval blockade of Iran, reviving concerns about energy shipments passing through the Strait of Hormuz.
The Philippines depends on Middle Eastern crude for roughly 98% of its energy imports, making regional disruptions particularly significant.
Following the escalation of the U.S.–Iran conflict, the department directed PNOC to obtain diesel from alternative sources to bolster national fuel reserves.
Four diesel shipments totaling 1.12 million barrels arrived, raising stock levels to an estimated 47.84 days of demand, up from 46.50 days previously.
For the current week, government‑prescribed pricing allows gasoline to fall by at least ₱1 per liter or rise by up to ₱1 per liter, while diesel and kerosene may increase by up to ₱4.62 and ₱4.22 per liter respectively.
Since the national energy emergency was declared in late March, the department has issued weekly price adjustment ranges that set minimum rollbacks and maximum hikes for oil companies.
Garin indicated that the department intends to narrow these ranges further, moving toward a fixed rollback or increase if market volatility persists.
