The Department of Trade and Industry-Davao (DTI-11) assured the public that it is monitoring the prices of basic commodities as fuel prices continue to skyrocket amid the ongoing tension in the Middle East.

Petroleum products have been increasing since the start of 2026, and oil price hikes are expected to continue in the coming weeks.

If fuel prices continue to shoot up, prices of essential goods are also expected to increase as it would drive up production costs.

However, DTI-11 said it is monitoring the prices of basic necessities and prime commodities closely to prevent  hoarding.

“We are monitoring the prices. In cases like this, there are policies in DTI that we can implement like price freeze. As of the moment, we are generating reports from the field from the provinces as to the movement of the prices,” DTI-11 Trade and Industry Development Specialist Chief, Arriel Nengasca, said.

President Ferdinand Marcos, Jr. said earlier consumers may not feel the impact of rising fuel prices immediately.

“It all depends on how long it lasts kasi kung tatagal ito, doon mararamdaman. It takes a little while for these price shocks to go the system bago maramdaman ng daily consumer sa presyo sa iba’t-ibang produkto,” Marcos said.

Marcos added that there is a need to suspend the excise tax on fuel if Dubai crude oil prices exceed $80 per barrel, though this requires approval from Congress.

An economist warned that the country’s economy could slow in the first quarter of the year due to the crisis, as higher fuel prices may reduce consumer spending.

“Ngayon pa lang, gumawa na tayo ng paraan para makapagtipid sa paggamit ng petrolyo. Tingnan din natin kung saan tayo pwedeng makakuha na hindi na dadaan sa Strait of Hormuz,” economist, Professor Emmanuel Leyco, said.

The Department of Energy (DOE) has already convened oil companies to ensure proper inventory and prevent unchecked price hikes.