Philippines Faces Major Fuel Price Hike Amid Global Oil Supply Concerns

Philippines Faces Major Fuel Price Hike Amid Global Oil Supply Concerns | Daily Tribune

“For the supply, we have tasked all oil companies to ensure that all their contracts are still being followed by their suppliers. The PNOC (Philippine National Oil Company) is tasked to find alternative suppliers na hindi pinupuntahan ng ating oil companies. We have control over the supply, we have control over the power, but for the price, it is not really something that the Philippines, even the government, can control because we are so dependent on importation,” Garin told reporters.

As of mid-March 2026, global crude oil prices are elevated, with Brent crude hovering around $104–$105 per barrel and WTI (West Texas Intermediate) trading above $97–$100 per barrel, attributed to heightened supply risks in the Middle East and concerns over war-related disruptions.

Asked whether the price of crude per barrel could reach $200 per barrel, which would mean greater fuel prices to be borne by motorists, Garin said: “Only God knows.”

Garin said they are also checking whether fuel companies need a credit facility to support them during this period of crisis to make it easier for them to lock in orders, bring in more supplies, or ease some constraints on fuel importation.

“Oil companies can get their own supply, or they can work with the PNOC to get a supply for them. So, we are open, and we are designing all arrangements on what is feasible to make it easier for them to lock in orders. We met with them if they need more interventions on some of the supplies they have ordered, or in terms of financing,” she stressed.

Export restrictions

Meanwhile, Garin admitted that, like any other oil-importing country, the Philippines is affected by the decision of some countries to halt oil exports.

Earlier, China and Thailand, among other Asian nations, restricted or halted fuel exports as of March 2026 to secure domestic supply amid persisting Middle East tensions, which resulted in the closure of the Strait of Hormuz.

“Like all countries, the Philippines is affected because some of our supplier countries stopped exporting, Thailand, for example. But we are now doing a government-to-government approach for that. Also, China, that is why we have tasked PNOC together with the DFA (Department of Foreign Affairs) to approach these countries, because we have good relations with these countries, and they have been our traditional suppliers. But the effects are there,” she explained, adding that only countries that have new contracts from China and Thailand cannot secure exports from these countries.

To date, the Philippines has been counting on fuel exports from China, Thailand, South Korea, Singapore, and Japan, among others.

“But we are also contacting more than that and approaching them. For example, Singapore hasn’t closed, and there are other contacts who have not closed. There are other countries that are not our usual suppliers that are willing to sell (fuel),” she said.

She also said that they are working to include Russia, a crude-exporting country, as a source for imports, as the Philippines has an operating crude refinery, particularly the one run by Petron.

Two weeks ago, President Ferdinand Marcos Jr. said the country had 50–60 days of fuel stocks; however, Garin said this had already been depleted by more than 14 days.

“We still have enough because most of our gas stations have already been stocked, and most of our diesel power plants have enough already. Whatever the needs of our diesel power plants and some of our industries, they already have stocks there for a few months. The only problem is on the transportation side,” she said.