DOE: Strait of Hormuz safe-passage deal won’t cut fuel prices

The Department of Energy (DOE) said the government’s safe-passage plan for fuel shipments passing through the Strait of Hormuz will not reduce fuel prices, but is intended to protect the country from possible supply disruptions amid rising global tensions.

“This development will not immediately bring down fuel prices, nor does it resolve our long-term structural challenges in energy,” Energy Secretary Sharon S. Garin said in a Saturday night social media post.

“Any disruption there creates a domino effect that impacts global supply—and ultimately, prices at the pump,” she said.

Garin explained that even if the country sources refined fuel from Singapore or South Korea, the crude that feeds those hubs still passes through the Strait of Hormuz. 

While “not a perfect solution,” Garin said it reduces risk at a time when stability is critical.

The arrangement, she noted, is meant to keep supply steady and shield the economy from further volatility.

“Sa gitna ng krisis, ang mahalaga ay malinaw ang direksyon at tuloy-tuloy ang aksyon,” Garin added.