MANILA, Philippines—The Department of Agriculture (DA) is postponing its planned reduction of the maximum suggested retail price (MSRP) for imported rice due to growing global market volatility triggered by the escalating Israel-Iran conflict, Agriculture Secretary Francisco Tiu Laurel Jr. announced Monday.

Originally scheduled for July 1, the price adjustment would have lowered the MSRP of 5% broken imported rice from P45 to P43 per kilo. However, Tiu Laurel said the rollout will likely be delayed by one to two months.

“We’ll likely delay the rollout by a month or two to gain a clearer picture of where global prices are heading,” he said.

The agriculture chief cited heightened geopolitical tensions after U.S. airstrikes targeted three nuclear sites in Iran, raising fears of a broader regional conflict. The Middle East, a key source of global oil, remains a critical factor in price stability.

While oil is not directly used in fertilizer production, natural gas—a byproduct of oil refining—is essential for making ammonia, a base component in nitrogen fertilizers. Rising oil prices also increase transportation costs for agricultural inputs.

Oil prices have spiked in recent days following Iran’s threat to close the Strait of Hormuz, a major route for global crude shipments.

Tiu Laurel also warned that surging fuel prices could have a cascading effect on the agriculture sector. “Fisherfolk are already feeling the pinch from higher fuel prices,” he said, adding that fertilizer prices may rise next year once the current supply runs out.

He noted that imported food products, including pork, could also see price increases due to elevated freight costs. The DA still plans to introduce an MSRP for imported pork by August, though final pricing details will depend on market conditions at the time.

“The market is extremely fluid. Any forecast I make now might not be accurate even an hour later,” Tiu Laurel said.