Following initial DOE warnings earlier this week, local oil retailers in the Philippines will implement double-digit fuel price increases of P17 to P24 per liter starting March 10, amid ongoing Middle East tensions. President Marcos plans to seek emergency powers to cut excise taxes.
MANILA, Philippines — Building on projections announced by the Department of Energy (DOE) on March 7, local oil retailers confirmed on Monday hikes ranging from P17.00 to P24.00 per liter, to be rolled out on a staggered basis throughout the week.
Specific adjustments include: Shell, P24.50 per liter; Petron, P19.20 per liter; Total, P20.20 per liter; Chevron, P17.50 per liter; Jetty, P19.00 per liter; and Seaoil, P21 to P23 per liter. DOE Secretary Sharon Garin emphasized during a press conference that the agency cannot regulate these under the Downstream Oil Industry Deregulation Act.
In response, President Ferdinand Marcos Jr. will request emergency powers from Congress to reduce excise taxes on petroleum products, per a Palace statement. Press Officer Claire Castro noted on March 8 that the DOE would submit the request on March 9. “The president has asked that we unite, no matter what happens in the Middle East. We should be united and help one another,” she said.
Senate President Tito Sotto said the matter would be taken up in session, alongside biofuel import legislation. These hikes follow intensified regional conflicts, including recent US and Israeli strikes on Iran.
