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Manila Bulletin devider Business devider The Economy devider Fuel relief to end as Hormuz tensions spark price hike

Fuel relief to end as Hormuz tensions spark price hike

Published Apr 30, 2026 02:04 pm
A motorcycle rider refuels at a station in Quezon City on Tuesday, April 21, following a significant rollback in fuel prices. Oil companies implemented a major price cut this week, ₱24.94 per liter decrease for diesel, while gasoline and kerosene prices were slashed by ₱3.41 and ₱2.00, respectively. (Photo by Santi San Juan I MB)
A motorcycle rider refuels at a station in Quezon City on Tuesday, April 21, following a significant rollback in fuel prices. Oil companies implemented a major price cut this week, ₱24.94 per liter decrease for diesel, while gasoline and kerosene prices were slashed by ₱3.41 and ₱2.00, respectively. (Photo by Santi San Juan I MB)
Motorists face a sharp reversal in fuel pricing next week as escalating geopolitical tensions in the Middle East disrupt a brief period of relief at the pump.
Based on the first three-day trading average Mean of Platts Singapore (MOPS), diesel could halt its double-digit rollback by increasing its per-liter prices by ₱1.5 to ₱2. Gasoline may likewise follow its price hike by around ₱2 to ₱2.50 per liter.
An industry source noted that the intensified supply concerns have pressured the oil market, as geopolitical tensions return.
“The US-Iran war deadlock has pushed prices higher due to mounting supply worries,” the expert explained. “With both the US and Iran seizing vessels attempting to transit the Strait of Hormuz, geopolitical risks are being priced back into oil prices.”
Recently, the United States rejected Iran’s proposal to reopen the Strait of Hormuz. The passageway, which holds 20 percent of the world’s total petroleum liquids consumption, is at risk, stalling the resumption of oil flows to the international market once again after the two-week ceasefire.
Despite these global pressures, the Department of Energy (DOE) earlier explained that it is working closely with oil companies to shield motorists from further price hikes. Under Executive Order 110, which declares a state of national energy emergency, the DOE is authorized to prescribe price adjustments for retailers.
Under this framework, any potential rollbacks are subject to a minimum required amount, while price increases are strictly capped to prevent excessive spikes.

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