President Ferdinand Marcos Jr. announced Friday that his administration is working with Congress to amend the Biofuels Act of 2006 to allow the use of more affordable bioethanol in fuel blends, aiming to ease the impact of rising oil prices amid escalating tensions in the Middle East.
In a video message, Marcos explained that the revision would enable cheaper bioethanol imports to be utilized, helping reduce gasoline prices.
“We are already in talks with Congress to revise the Biofuels Act so that cheaper bioethanol can be utilized, which will help bring down gasoline prices,” he said.
The current law requires fuel companies to use locally sourced bioethanol to reduce dependence on imported fuel.
However, Marcos noted that disruptions in shipping routes through the Strait of Hormuz—a vital global oil passage—have affected global supply and triggered price surges.
He warned of significant petroleum price hikes expected next week: gasoline by ₱7.48 per liter, diesel by ₱17.28 per liter, and kerosene by ₱32.35 per liter.
“The Philippines, along with the rest of the world, is feeling the impact of the war in the Middle East. When conflict erupts there, oil prices rise, electricity costs rise, and the prices of basic goods also move upward,” Marcos stressed.
The President said amending the Biofuels Act is part of broader government efforts to cushion the economic impact of the crisis.
He also reiterated that he may seek emergency powers to temporarily reduce excise taxes on petroleum products if global oil prices hit $80 per barrel, subject to congressional approval.