Manila’s streets empty as fuel prices surge amid Strait of Hormuz crisis

In the Philippines, cabbage farmers are experiencing financial hardship as of March 2026. They are harvesting crops at a loss due to plunging prices and rising fuel costs. This economic strain is linked to a national energy emergency. The emergency is reportedly connected to the US-Israel war on Iran. The farmers' difficulties highlight the indirect economic consequences of the conflict on global markets.

The Philippines is collaborating with the United States to secure waivers or exemptions that would allow it to import oil from countries under US sanctions. This effort follows the Philippines' declaration of a national energy emergency due to disruptions in oil procurement stemming from the Middle East war. Philippine Ambassador to the US, Jose Manuel Romualdez, stated that all options, including oil imports from Venezuela and Iran, are being considered. The Philippines is seeking to bolster its fuel reserves, which were estimated to last around 45 days as of March 20th, and the government is procuring an additional one million barrels of oil. President Marcos Jnr has assured the public that the country's fuel supply will not run dry.

The Philippines may implement fuel rationing due to dwindling supplies exacerbated by the war in Iran, according to Philippine Airlines President Richard Nuttall. Nuttall stated the airline has secured fuel through June but lacks visibility beyond that. President Marcos Jr. acknowledged the "distinct possibility" of grounding planes due to jet fuel shortages and is seeking additional supply from China and Russia. Marcos declared a year-long state of national energy emergency to stabilize the country's energy supply, making the Philippines the first Southeast Asian nation to take such action in response to increasing risks from the war. The government is urging collaboration to ensure access to fuel for all.

Philippine President Ferdinand Marcos Jr. declared a national energy emergency on Tuesday, citing the impact of the US-Israel war on Iran and potential disruptions to the country's energy supply. The declaration, effective for one year, aims to ensure the availability and distribution of essential goods like fuel, food, and medicine. A committee has been formed to oversee these efforts, and the government is authorized to procure fuel, including advance payments if needed, and to combat hoarding and price manipulation. The declaration comes as transport workers plan a strike to protest rising fuel prices and the government's response. The Energy Secretary stated the country has a 45-day fuel supply and is working to procure 1 million barrels of oil to increase reserves.

In March 2026, Philippine President Ferdinand Marcos Jr. declared a national emergency due to dwindling fuel supplies. The declaration, set to last a year, comes amidst the US-Israeli war on Iran. The Philippine government is taking this action to ensure fair distribution of critical resources. Al Jazeera's Barnaby Lo reported on the government's planned measures to address the situation. The national emergency aims to mitigate the impact of the fuel shortage on the country.