Philippines energy national emergency

Unfortunately our car requires diesel. I saw prices as high as 129-139p already for regular diesel (up from 54p before the sh*t started), and warnings for a further rise with 19p early next week. So no, not doomsday, at least not for us, but oil companies raking in the billions.
Prices for diesel in Europe have also gone up, but only by about 35%, rather than the crazy increase here (150% increase)

 

we are being ripped off
View attachment upload_2026-4-10_7-46-26.jpeg

 

Yes and no. I know their is gouging going on, but it's not a simple as a gallon of oil goes up/down 1% so a gallon of diesel goes up/down 1 %. The cost to refine diesel has gone up separate from the cost of oil. The US EPA regulations and EURO regulations have increased the cleanliness of the fuel multiple times over the time span in you picture, which adds cost each time. The best example is the reductions in sulfur PPM allowed. The sulfur in diesel has important lubricating properties, similar to what lead did for gasoline. The removed lubricating properties have to be replaced which adds cost to refinement. Replacing fuel pumps and injectors capable of 2000bar is awful expensive. Labor rates for refinery workers, fuel truck drivers, driver dispatchers, fuel pump attendants ETC all have increased as well. Here is a thought, if labor pay raises due to inflation caused by the increase of oil prices and then oil prices went down, shouldn't labor pay decrease as well.

 

I just read this in the news,
WASHINGTON – President Donald Trump on Sunday ordered a US naval blockade of the Strait of Hormuz in response to Iran’s “unyielding” refusal to give up its nuclear ambitions during peace talks in Islamabad.
Am i missing something ?

 

you might be missing out on the opportunity to do a little insider trading.

 

I mostly saw around 117 to 120 for diesel yesterday - there is supposed to be a big price cut tomorrow (21st) but I am not sure is they will re-set that due to events in Iran over the last 2 days. We are still running on diesel we bought at Php60! But not for much longer.

 

We have all noticed the trend online for monetising everything but I didn't expect the US Presidency to do the same!

 

Half a year later than my original post in this thread, and luckily the expected physical shortages of oil and oil products have so far not happened.
World reserve stocks have diminished a great deal though, in an effort to avoid such shortages.
Going forward, the latest reports indicate that oil transport through the Strait of Hormuz has surged recently to about 80% of the pre-war level.
Even so, this doesn't mean that the problem is behind us. In the field of refining the oil into especially diesel and kerosine there's still big problems. As a result of the Iran war a lot of refining capacity has been lost/damaged. The same is true for the Russian refineries as a result of Ukrainian action. In total the market estimates that around 4.5 million bpd refining capacity has been lost.
As a result Russia and the Gulf region together currently export around 1.6 million bpd less diesel than before the Iran war started. Add to that China's ban on exports of fuel and Trump's plan to ban US exports of diesel also and the picture for the rest of the planet becomes clear.
Expect further price increases for especially diesel and flight tickets (kerosine), and further down the road more inflationary pressure through higher food prices from diesel and fertilizer (doubled in price) effects and transport costs. Expect higher interest rates also.

 

The loss of global refining capacity is a major factor contributing to gas/diesel and jet fuel prices. My information comes from a well respected Gas/Oil expert known as Mr. Global. This a link to his YouTube page https://www.youtube.com/@MrGlobalYouTube. Recently this guy was called before congress to explain what is happening to oil and fuel prices. Very credible one would think.

In one of his podcasts Mr. Global questions the US Governments authority to prevent the export of fuel from the US. Some points he makes are: the oil being refined does not belong to the US Government, the refinery is not a government corporation. The refineries (Exxon, Phillips et al) should be able to do whatever they wish with their products IMHO.

Here is a YouTube link to that podcast. https://www.youtube.com/shorts/pQLZJSFOQm4

If the US Government takes something that does not belong to them to redistribute to others is tantamount to theft or maybe socialism. OMG.....Imagine a US President doing either of those two things....I'm not surprised, Trump does a lot of things that are unbelievable,

No matter how many times Trump and Hegseth have won the war against Iran, I think the war will be over when Iran says it's over. My 2 pesos worth.