2 hours ago
1
Upgrade to High-Speed Internet for only ₱1499/month!
Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.
Visit Suniway.ph to learn
Motorists line up at several gasoline stations along major roads in Metro Manila, including Quirino Highway, EDSA in Pasay, and parts of Manila, on March 9, 2026 as fuel prices are expected to surge the following day.
The STAR / Ryan Baldemor
MANILA, Philippines — President Ferdinand Marcos Jr. on Wednesday, March 11, assured the public that the country’s oil supply remains stable despite escalating tensions in the Middle East.
Marcos said the Philippines has sufficient fuel inventory and additional shipments are already on the way, while the government considers possible fuel tax relief to cushion the impact of rising petroleum prices.
“In terms of supply, we are in good shape and not only do we have inventory in the Philippines, we also are waiting some supplies coming in that are in transit,” he told the media in New York City.
The president said he has asked officials to check whether incoming shipments might pass through areas affected by the conflict.
“Ang pinaaral ko lang kung ’yung mga in transit baka naman nandoon sila sa lugar ng peligro,” Marcos said, saying that initial assessments show the shipments are not expected to pass through dangerous zones.
He added that a possible disruption in the Strait of Hormuz, a major global oil shipping route, has not yet been factored into the government’s supply projections.
Amid the volatility in global oil markets, Marcos said he plans to certify as urgent a proposed measure that would allow him to suspend or reduce excise taxes on petroleum products under certain conditions.
At the House of Representatives of the Philippines, the Committee on Ways and Means earlier approved an unnumbered substitute bill consolidating 15 similar measures that would grant the president such authority.
Committee chair Miro Quimbo said the proposal seeks to amend Section 148 of the National Internal Revenue Code to allow the temporary suspension or reduction of fuel excise taxes in response to surging global oil prices.
Under the measure, the president may exercise the authority if the average price of Dubai crude oil reaches or exceeds $80 per barrel for at least one month, based on the Mean of Platts Singapore benchmark.
The suspension or reduction may also be implemented if a state of national emergency or calamity leads to a spike in pump prices.
If enforced, the tax relief could last for up to six months and may apply either to specific petroleum products or to all fuel types. Congress may extend the period through a joint resolution, although the total duration cannot exceed one year.
Under the proposal, the authority to suspend or reduce the tax would remain in effect until Dec. 31, 2028.
Malacañang earlier said Marcos intends to certify the measure as urgent to speed up its passage in Congress.
If implemented, the move could temporarily remove the P10 per liter excise tax on gasoline and the P6 per liter levy on diesel.
Marcos said the government is also exploring alternative sources of petroleum to ensure stable supply.
“Naghahanap tayo ng iba’t ibang lugar na makapagbigay ng supply sa atin,” he said, adding that the Philippines is in talks with countries it does not usually buy oil from to secure additional fuel stocks.
Global oil prices have surged following the escalating conflict involving the United States, Israel and Iran, which has disrupted markets and raised concerns over possible supply bottlenecks.
Oil firms have begun implementing staggered price increases this week, with diesel prices projected to rise by as much as P24 per liter depending on the company. — with reports from Dominique Nicole Flores
