Energy Secretary Sharon Garin cautioned against relaxing the country’s State of National Energy Emergency despite this week’s sharp fuel price rollback, saying the government is continuing efforts to secure access to oil supplies as negotiations over the Strait of Hormuz remain unresolved.

Speaking on ANC 24/7 on Monday, Garin gave assurance that the Department of Energy (DOE) is actively engaging with foreign embassies to ensure the Philippines has access to alternative oil sources should fresh disruptions emerge.

“This week nga, mag mag-marathon meetings pa ako sa mga embassies to make sure na may access tayo, just in case may mangyari pa ulit, para may access tayo sa mga oil nila. So, we still have to make sure na huwag muna tayong magkampante,” Garin said. [“This week, I will be holding marathon meetings with embassies to make sure we have access, just in case something happens again, so that we will have access to their oil. We still have to make sure that we do not become complacent.”]

Local oil companies this week announced substantial pump price cuts effective Tuesday, with diesel prices set to decline by PHP 9 per liter, gasoline by nearly PHP 4 per liter, and kerosene by PHP 11 per liter.

The rollback follows a decline in global oil prices after the United States and Iran agreed to pursue a 60-day roadmap toward a broader peace agreement. The two sides also committed to mechanisms aimed at ensuring safe passage through the Strait of Hormuz, helping ease fears of prolonged disruptions to global oil flows. 

Technical negotiations are scheduled to continue this week. Oil prices fell as tanker traffic through the strategic waterway began recovering and markets responded positively to signs of diplomatic progress, Reuters reports.

However, uncertainty remains over the long-term operating arrangements in the strait, which carries a significant share of the world’s seaborne crude oil trade. 

While vessel movements have picked up in recent days, shipping activity has yet to fully normalize following months of conflict and restrictions in the waterway.  

President Ferdinand Marcos Jr. declared a State of National Energy Emergency in March through Executive Order No. 110 following the outbreak of the Hormuz crisis and the resulting volatility in global energy markets. The declaration authorized government agencies to implement measures aimed at protecting energy supply security and mitigating the impact of global disruptions.

What are your thoughts on the DOE’s cautious approach as global oil markets stabilize? Join the discussion.

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