The Philippine government said its agreement with Iran to ensure safe passage through the Strait of Hormuz will not immediately lower fuel prices, emphasizing that the deal is focused on supply stability rather than cost.
Palace Press Officer Claire Castro said the arrangement aims to guarantee uninterrupted delivery of petroleum products, as global traders and suppliers continue to dictate fuel pricing.
The Department of Foreign Affairs earlier said Iran assured the “safe, unhindered, and expeditious passage” of Philippine-flagged vessels, energy shipments, and Filipino seafarers through the critical waterway.
Castro said the agreement allows Philippine-bound shipments to move more efficiently despite geopolitical risks, helping secure the country’s energy needs.
She clarified that “Philippine-flagged vessels” refers to ships registered or operated by Filipino entities, and not necessarily government-owned vessels.
