Fuel prices could jump by up to ₱10 per liter amid US-Iran conflict —DOE exec

Fuel prices could increase by up to P10 per liter in the coming weeks as tensions between the United States and Iran continue to affect global oil markets, the Department of Energy - Oil Industry Management Bureau (DOE-OIMB) said Tuesday. 

“Kapag umabot po ng USD20 [ang increase per barrel], hindi na. Magkakaroon pa tayo ng probably P7 to P10 per liter na magiging increase,” DOE-OIMB director Rino Abad told GMA Integrated News’ Unang Balita in an interview.

(When the price hike per barrel reaches USD20, it won’t be anymore. We will still have probably P7 to P10 per liter increase.)

“So far ngayon, ang estimate po natin, may umi-increase na first day of trading ng P5 to P10 per liter ang impact ng first trading pa lang na adjustment nung MOPS price,” he added. 

(So far, our estimate is that the impact of the first trading adjustment of the MOPS price will increase by P5 to P10 per liter on the first day of trading.)

Meanwhile, Abad said the DOE is now coordinating with the Department of Transportation (DOTr) and the Department of Agriculture (DA) regarding the possible release of fuel subsidies.

Fuel subsidies may be triggered if Dubai crude averages at least $80 per barrel for one month. 

Reuters reported that Brent crude futures LCOc1 rose as much as 13% to $82.37 a barrel, highest since January 2025, before settling up $4.87, or 6.7%, at $77.74 a barrel. 

Oil and gas prices surged on Monday following Israeli and U.S. strikes on Iran and retaliation by Tehran, according to Reuters. 

These tensions forced shutdowns of oil and gas facilities across the region and disrupted shipping in the crucial Strait of Hormuz, it added. —AOL, GMA Integrated News