Jericho Petilla warns Filipinos that fuel prices will not return to previous lows even after geopolitical tensions ease, citing damaged infrastructure and global market factors.
Former Philippine Energy Secretary Jericho Petilla stated on April 7, 2026, that fuel prices in the country are unlikely to drop back to the previous level of ₱61 per liter, even if the ongoing Middle East conflict ends. Speaking during an interview on Unang Hirit’s On Record, Petilla explained that diesel prices may settle around ₱100 or slightly above, while gasoline might be just under ₱100 once the situation normalizes. He attributed the sustained high costs to significant damage to refineries and oil extraction infrastructure in the Middle East, combined with ongoing geopolitical tensions causing price volatility.
Petilla emphasized that there is no clear timeline for stabilization, signalling a prolonged period of high fuel prices ahead. He advised Filipino households to start adjusting their fuel consumption and budgeting accordingly, highlighting the global nature of the crisis and the necessity for sacrifice to endure these conditions.
Regarding government intervention, Petilla noted that while measures such as suspending taxes or providing subsidies are being considered, these would only offer limited relief and come at the cost of substantial government revenue losses. For instance, removing excise and value-added taxes could reduce pump prices but would significantly impact government funding for infrastructure and other programs. He estimated that returning prices to ₱61 could cost around ₱3 trillion annually, which is currently unaffordable for the government.
In conclusion, Petilla urged demand management as a pragmatic approach to cope with high fuel prices, rather than expecting a return to former price levels or relying solely on government aid.
Sources referenced:
- https://www.gmanetwork.com/news/topstories/nation/982872/fuel-prices-won-t-return-to-p61-level-even-after-middle-east-conflict-ex-doe-chief/story/
