The Department of Energy stated that March 9 is the final day for capped fuel prices, with adjustments taking effect on March 10. Several gas stations reported supply shortages from the rush of customers. This occurs amid global oil price hikes due to escalating Middle East conflicts.
The Department of Energy (DOE) implemented a fuel price cap from March 6 to March 9, with the following ranges: gasoline (RON 97/100) from P53.70 to P76.50 per liter; gasoline (RON 95) from P50.00 to P71.04; gasoline (RON 91) from P49.00 to P64.70; diesel from P49.00 to P66.59; diesel plus from P56.80 to P74.81; and kerosene from P78.90 to P99.89.
Numerous gas stations nationwide reported fuel supply shortages as motorists queued up to refuel while prices remained capped. "We recognize that the industry operates under challenging global conditions, and we appreciate those who continue to act responsibly. At the same time, we will not allow any party to take advantage of the situation. Fair pricing and adequate supply are a commitment to every Filipino whose daily needs depend on it," DOE Secretary Sharon S. Garin said in a statement on March 7.
The DOE warned against hoarding and other illegal sales practices, and is coordinating with the Department of the Interior and Local Government and the Philippine National Police to monitor stations. It has already apprehended at least two gas stations in Quezon City for implementing price adjustments before March 10, issuing them show cause orders.
Oil prices have risen sharply due to escalating conflict in the Middle East over recent weeks, where the United States and Israel struck Iran, leading Tehran to retaliate against Gulf nations hosting American military bases.
