Marcos Declares Energy Emergency as Philippine Gasoline Prices Double and Diesel Triples
Updated
Updated · The New York Times · Jul 21
Marcos Declares Energy Emergency as Philippine Gasoline Prices Double and Diesel Triples
3 articles · Updated · The New York Times · Jul 21
Summary
March 24 marked the Philippines' declaration of a national energy emergency after the Strait of Hormuz shutdown choked fuel imports and sent domestic prices sharply higher.
Nearly 100% import dependence on petroleum left the country exposed after U.S.-Israeli strikes on Iran and the ensuing disruption of Persian Gulf shipping.
Gasoline prices doubled and diesel prices tripled within weeks, triggering transit strikes in Manila and a burst of inflation.
More than 1 million Filipinos could be pushed into poverty, experts warned, as officials scrambled to secure alternative supplies at higher cost.
The Philippines was the first country to take such a step, underscoring how the Iran war's economic shock has fallen especially hard on oil-dependent Asian economies.
Beyond fuel pumps, the Iran war is triggering a food crisis in Asia. How many will be pushed into poverty?
The Iran war is causing an 'Asia crisis.' Will this finally break the world's reliance on Middle Eastern oil?
As Asian nations burn more coal to survive, is the new energy crisis killing the global green transition?
The Philippines’ 2026 Energy Crisis: Causes, Impacts, and the Urgent Shift Toward Energy Resilience
Overview
In 2026, the Philippines faced a severe energy crisis marked by dwindling fuel reserves, escalating prices, and widespread power outages across major grids. The crisis began as the nation’s fuel supply dropped to just 45 days, forcing the government to consider emergency measures and alternative energy sources. Surging costs of liquefied natural gas and global supply disruptions, especially after the closure of the Strait of Hormuz, made the situation worse. These challenges exposed the country’s heavy reliance on imported fuels and highlighted the urgent need for long-term solutions, such as diversifying energy sources and investing in renewables.