President Ferdinand Marcos Jr. on Friday announced a set of emergency measures designed to cushion the Philippines from the effects of an expected surge in fuel prices, warning that escalating tensions in the Middle East are already disrupting global energy supply routes.
In a national address, Marcos pointed to the Strait of Hormuz—one of the world’s most critical oil trade chokepoints—as a growing concern.
He cautioned that disruptions in this passage could sharply drive up global petroleum costs and trigger economic consequences at home.
“Sa susunod na linggo, inaasahan ang pagtaas ng presyo ng petrolyo. Tinatayang tataas ang presyo ng gasolina ng ₱7.48 kada litro, diesel ng ₱17.28, at kerosene ng ₱32.35,” the President said.
To mitigate the impact, Marcos said his administration is coordinating with Congress to grant temporary authority to adjust fuel excise taxes if global oil prices breach $80 per barrel.
“Nakikipag-ugnayan na tayo sa Kongreso upang mapagkalooban ang Pangulo ng pansamantalang kapangyarihan upang bawasan ang excise tax sa mga produktong petrolyo kung papalo ito sa 80 US dollars kada barrel,” he explained.
He also revealed plans to amend the Biofuels Act of 2006 to allow the use of lower-cost bioethanol in gasoline blends, a move aimed at reducing pump prices.
“Ikalawa. Kinakausap na natin ang Kongreso upang amyendahan ang Biofuels Act of 2006, upang magamit natin ang mas murang bioethanol para sa pagbababa pa ang presyo ng gasolina,” Marcos said.
In addition, targeted financial aid will be rolled out to sectors most affected by rising fuel costs.
“Ikatlo. Ilalabas natin sa lalong madaling panahon ang fuel subsidy at cash transfer para sa mga apektadong sektor,” he announced.
Marcos further warned businesses against exploiting the situation, stressing that profiteering and hoarding are illegal.
“Kasabay nito, patuloy na mino-monitor ng pamahalaan ang presyo ng mga bilihin sa mga pamilihan upang matiyak na walang mananamantala sa sitwasyon na ito,” he said.
“Nakikiusap ako sa ating mga negosyante at mga traders: huwag ninyo sanang samantalahin ang sitwasyong ito. Pinapaalala ko sa lahat na ang hoarding at profiteering ay labag sa batas,” he added.
The Philippines, heavily reliant on imported fuel, remains vulnerable to geopolitical disruptions affecting major supply routes such as the Strait of Hormuz.