President Ferdinand 'Bongbong' Marcos Jr. announced government readiness for anticipated major hikes in fuel pump prices amid Middle East tensions, coordinating with Congress to authorize excise tax reductions and expedite fuel subsidies.
President Ferdinand ‘Bongbong’ Marcos Jr. has assured the public that the Philippine government is prepared for substantial increases in gasoline and diesel prices expected in the coming weeks. This announcement was made in a video message addressing concerns over escalating fuel costs amid ongoing geopolitical tensions in the Middle East. Marcos stated that the administration is proactively working with Congress to obtain temporary authority to reduce excise taxes on petroleum products if crude oil prices exceed $80 per barrel. Additionally, the government has ordered the immediate release of fuel subsidies and cash transfers aimed at assisting the most affected sectors of the population. The president is also in discussions with lawmakers about amending the Biofuels Act of 2006 to encourage greater use of cheaper bioethanol fuel options. According to industry sources, initial trading data indicate that gasoline prices could increase by approximately ₱7.09 per liter, while diesel may see rises up to ₱15.33 per liter. These measures highlight the government’s commitment to managing the economic impact of rising oil prices on Filipino consumers.
Sources referenced:
- https://www.gmanetwork.com/news/topstories/nation/979045/marcos-gov-t-ready-for-big-time-pump-price-hikes-orders-fuel-subsidy-release/story/
