DoE warns: Oil prices may stay sky‑high for years

Filipinos may face prolonged high fuel prices as global disruptions in the Middle East continue to affect the oil supply, making a quick rollback unlikely. Households, transport operators, and businesses could feel the impact for months — even years.

At a virtual briefing on Tuesday, Energy Secretary Sharon S. Garin explained that the ongoing conflict has disrupted key oil supply routes and systems.

“The war has been going on for over four weeks. Even if the Strait of Hormuz is cleared, there is no guarantee that the Middle East supply will return to pre-war levels. Reconstruction may take months, even years,” she said.

Garin noted that fuel prices surged more than 100 percent in just a month due to the conflict, but any decrease will be far slighter.

“The speed of the price increase will not be mirrored when prices fall. Rollbacks, if they happen, will take much longer,” she said, highlighting the long-term impact on consumers.

Government data showed that in early March, when the war broke out, gasoline prices ranged from P68 to P83 per liter, diesel from P67 to P108, and kerosene from P61 to P112. By mid-April, prices had climbed sharply: gasoline reached P86 to P119 per liter, diesel P127 to P172, and kerosene P149 to P177.

Despite the rising prices, the Department of Energy said the country’s fuel supply remains stable, with enough inventory to cover demand for over 50 days. Total fuel inventory now stands at 75.052 million liters, according to the DoE.

Gasoline stocks are at 23.33 million liters, good for about 60 days, while diesel totals 32.52 million liters, enough for roughly 47 days. Kerosene, at 142,140 liters, tops the list with 106 days of supply.

Other fuel products such as jet fuel, fuel oil, and LPG are also holding steady in terms of supply.

Jet fuel and fuel oil inventories stand at 6.32 million liters and 2.47 million liters, good for about 63 and 57 days, respectively, while LPG totals 10.27 million liters, enough for roughly 34 days.

Garin described the country’s fuel stocks as “stable” and assured the public the DoE continues to monitor fuel demand nationwide. She urged the public and businesses to prepare for sustained high prices while supplies are gradually replenished.