05/04/2026
DOE: SAFE PASSAGE IN STRAIT OF HORMUZ IS RISK MANAGEMENT, WON'T IMMEDIATELY BRING DOWN FUEL PRICES
Iran's decision to allow energy supplies headed for the Philippines to safely cross the Strait of Hormuz was part of the government's risk management initiatives and would not immediately bring down domestic fuel prices, Department of Energy Secretary Sharon Garin said Saturday.
In a Facebook post, Garin said the Philippines had secured "a safe and preferential access" to the Strait of Hormuz, adding this would reduce the risk of oil supply disruptions, strengthen protection for Philippine-linked cargo, and improve the safety considerations for Filipino seafarers amid the US-Israeli war on Iran.
COURTESY: Sharon Garin/Facebook
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https://www.gmanetwork.com/news/topstories/nation/982597/doe-safe-passage-in-strait-of-hormuz-is-risk-management-won-t-immediately-bring-down-fuel-prices/story/