It doesn’t look like the world is going to get any relief soon from the crisis created by the US-Israel war with Iran. That will end the ability of Saudi Arabia to use its Red Sea port of Yanbu for its oil exports. Even paying the toll that Iran is imposing on oil tankers is better than the current virtual closure. Its removal doesn’t give relief given the P66 per liter rise in diesel price and P40 per liter for gasoline. Vietnam also has a Fuel Price Stabilization Fund (similar to the Oil Price Stabilization Fund we used to have) from which it had begun to draw to help lower pump prices.

Source: Philippine Star March 29, 2026 16:41 UTC