The House of Representatives is set to investigate why the country has been among the hardest hit by the ongoing global oil shock, particularly in diesel prices, which are crucial for transportation, agriculture, and fisheries.
On Monday, Mamamayang Liberal Party-list Representative Leila de Lima filed House Resolution (HR) 914, seeking an inquiry into the unusually steep diesel price surge compared to other Asia-Pacific nations.
“There is an urgent need to determine why the country has emerged as one of the worst affected by the current global oil shock, registering among the steepest diesel price increases in the world despite being similarly situated with other oil-importing economies,” De Lima said.
She noted that as of March 23, 2026, diesel prices reached ₱102.60 per liter, nearly double the ₱56.50 per liter recorded before the conflict in Iran that triggered the global oil shock.
“The staggering surge in diesel prices raise urgent questions as to whether the present pricing regime under the downstream oil deregulation framework sufficiently protects the public against abuse, speculative pricing, market concentration, unjustified price movements, and the full and immediate transmission of external shocks to domestic pump prices,” she added.
De Lima emphasized that the impact extends far beyond motorists.
“The extraordinary rise in diesel prices has far-reaching consequences beyond motorists alone, as diesel is a critical input in public transportation, logistics, food distribution, power generation, agriculture, fisheries, and other essential sectors, such that any significant increase in diesel prices directly fuels inflation and erodes household purchasing power.”
The resolution calls for a thorough review of the oil pricing framework to assess whether reforms are needed to protect consumers from future global oil shocks.