Philippine Energy Secretary Sharon Garin announced during a press conference on the afternoon of 9/3 that gasoline prices would increase by 7 to 13 pesos (0,12-0,22 USD) per liter, depending on the type, starting 10/3. This increase is a direct result of the conflict in Iran.

According to charts released by Secretary Garin, diesel prices will rise by 17 to 24 pesos (0,29-0,4 USD) per liter, while kerosene will see the most significant impact, increasing by 32 to 38,50 pesos per liter.

With these adjustments, the retail price of RON 95 gasoline will climb to 1,02-1,5 USD/liter, diesel to 1,19-1,62 USD/liter, and kerosene will be priced at 1,98-2,47 USD/liter starting today, according to the Philippine News Agency (PNA). Fuel prices in the Philippines vary by supplier.

"You must remember that these prices are not regulated by the Department of Energy", Garin stated. "What we can do is monitor and ask fuel companies to explain the reasons for price increases, but we cannot impose them."

People queue for fuel in Quezon City, Philippines, on 9/3. *Photo: AFP*

At a petrol station in Metro Manila, motorcycles, taxis, and oto formed long queues under the intense sun. Petrol station attendant Enrico Guda, 31, reported that about 1.000 vehicles had visited the station to refuel, double the usual number, as customers sought to fill their tanks before the price hike.

"The queues started appearing 24 hours ago. Morning, afternoon, even at dawn", Guda said.

Previously, President Ferdinand Marcos had implemented a four-day work week for government agencies to conserve fuel. Many other Asian nations are also considering halting fuel exports, imposing price caps, and utilizing strategic reserves to stabilize their domestic fuel markets.

Francis Aranda, a 25-year-old university student, shared that the soaring fuel prices made his life difficult. "Today I will fill my tank, using half of my week's fuel budget so I don't have to worry for the next few days if the conflict in Iran continues", Aranda said.

"Out of Stock" sign at a petrol station in Manila on 9/3. *Photo: AFP*

Philippine National Police spokesperson Randulf Tuano announced that police would monitor petrol stations, collecting evidence of profiteering or hoarding.

Ferry routes, which transport tens of thousands of people daily between the Philippine islands, are also raising their fares. Starlite Ferries, a smaller ferry operator in central Philippines, announced a 25% fare increase for both passengers and cargo starting 10/3. Montenegro Shipping Lines, which operates a fleet of 48 vessels, stated prices would increase by 10-20% from 23/3.

Last week, President Marcos asked Congress for permission to lower fuel taxes if crude oil prices exceeded 80 USD/barrel. He submitted the request on 9/3, as Brent crude and US WTI crude oil prices surged to nearly 120 USD a barrel, the first time since early 2022.

World oil prices on 10/3 fell by nearly 7%, with Brent crude at 92,4 USD and US WTI crude at 88,3 USD, after US President Donald Trump announced that the United States and Israel had achieved their objectives and the conflict with Iran "would soon end", without specifying a timeframe.

Hong Hanh (According to AFP)