Filipinos race to fill tanks ahead of petrol price jump

Panic gripped the Philippine energy sector on Monday as motorists swamped petrol stations ahead of a massive "big-time" price hike, a direct consequence of the escalating U.S.-Israeli conflict with Iran. Queues at Metro Manila stations reportedly doubled in length within 24 hours, stretching into the dawn hours as residents scrambled to fill tanks before staggered price increases began on March 10.

Energy Secretary Sharon Garin, testifying before a congressional committee, painted a stark picture of the impending costs. Diesel, the lifeblood of the nation’s public transport, is set to jump by as much as 24 pesos per liter. Even more severe is the hit to kerosene, essential for many low-income households, which is projected to spike by up to 38.50 pesos. While Garin emphasized that the Department of Energy lacks the regulatory power to cap these prices, she assured the public that the agency is monitoring for evidence of "profiteering or hoarding."

The domestic crisis has prompted a drastic shift in government operations. President Ferdinand Marcos Jr. has officially implemented a temporary four-day work week for government offices to conserve fuel. The administration is also urging Congress to grant emergency powers that would allow the President to slash excise taxes on petroleum products if crude prices remain above $80 per barrel—a threshold long since surpassed as Brent crude pushed past $110 this week.

The ripple effects are moving quickly through the archipelago's logistics network. Starlite Ferries and Montenegro Shipping Lines have already announced fare hikes ranging from 10% to 25%, a move expected to drive up the cost of basic commodities across the island nation. Security forces have been placed on high alert to inspect stations for illegal fuel storage as the government attempts to manage a supply chain under unprecedented strain.

The volatility stems from the effective paralysis of the Strait of Hormuz, where nearly 20% of the world’s oil supply remains trapped. With international benchmarks like West Texas Intermediate and Brent crude hovering near $120 earlier this week, Philippine officials warned that while they are taking protective measures, the country remains a "victim of a war not of its choosing."