Subsidizing fuel pricesOrdinary people in many parts of the world are starting to feel the impact of the US-Israel war with Iran. We are also the most impacted in ASEAN because market deregulation means our pump prices immediately reflect world market prices. It acted as a financial buffer to shield retail consumers from volatile global oil prices and currency fluctuations. Conversely, when international oil prices fell or the exchange rate improved, oil companies were required to pay the cost reductions into the OPSF rather than lowering retail prices immediately. Some of our ASEAN neighbors are subsidizing pump prices of gasoline, diesel and LPG.

Source: Philippine Star March 23, 2026 00:46 UTC