The Philippines announced that its crude oil reserves will be depleted in June, causing gasoline prices to double.

On March 24, Philippine President Marcos declared a "energy emergency" in the country, making the Philippines the first country in the world to declare a state of emergency in this crisis. If the issue is not resolved, the Philippines' existing crude oil reserves may be depleted by June. Liu Shuo, a Chinese-headquartered institution in the Philippines, told reporters that gasoline prices were between 7 and 8 yuan per liter before the war, but by early April, gasoline prices had doubled and diesel prices were close to 20 yuan per liter. Liu Shuo noted that recently there has been a noticeable increase in popularity of new energy vehicles in the Philippines. Since the middle of March, some iconic oil and gas projects in the Middle East have been attacked, and S&P Global's Vice Chairman Yegin said in an interview on April 15 that even if the conflict stops now, it will take several months to repair the supply chain disruptions, and it may take several years to repair the energy infrastructure.