The Philippines said it had suspended spot sales of electricity until further notice due to fuel supply risks and price volatility caused by the Iran war, reports Reuters.

The suspension was ordered under a decree that declared a state of national energy emergency to deal with the fallout from the war, including disruptions to fuel procurement.

The country’s Energy Regulatory Commission (ERC) said it expects to finalise a modified pricing scheme by April 1.

The suspension follows through on plans flagged by Energy Secretary Sharon Garin in an interview with Reuters this month, in which she said the government would intervene in the market to stop a projected 16 per cent surge in power bills.