The Department of Energy – Oil Industry Management Bureau (DOE-OIMB) said Tuesday that fuel prices could increase by up to P10 per liter in the coming weeks as tensions between the United States, Israel and Iran conflict continue.

DOE-OIMB director Rino Abad said with the war affect global oil markets and price of crude oil  may reach USD20 per barrel, magkakaroon pa tayo ng probably P7 to P10 per liter price increase.

So far, our estimate is that the impact of the first trading adjustment of the MOPS price will increase by P5 to P10 per liter on the first day of trading.

Meanwhile, Abad said the DOE is now coordinating with the Department of Transportation (DOTr) and the Department of Agriculture (DA) regarding the possible release of fuel subsidies.

Fuel subsidies may be triggered if Dubai crude averages at least $80 per barrel for one month.

Reuters reported that Brent crude futures LCOc1 rose as much as 13% to $82.37 a barrel, highest since January 2025, before settling up $4.87, or 6.7%, at $77.74 a barrel.

Oil and gas prices surged on Monday following Israeli and U.S. strikes on Iran and retaliation by Tehran, according to Reuters.

These tensions forced shutdowns of oil and gas facilities across the region and disrupted shipping in the crucial Strait of Hormuz, it added.