Fuel Prices Set for Major Hike as Global Tensions Push Costs Up
Motorists in the Philippines are expected to face sharp increases in fuel prices starting March 10, as oil companies implement double-digit adjustments following volatility in the global energy market.
The Department of Energy announced that local fuel retailers will roll out price hikes ranging from P17 to as much as P24 per liter. According to Energy Secretary Sharon Garin, the increases will be applied gradually throughout the week rather than in a single adjustment.
Several oil firms have already announced their respective price adjustments. Shell plc is expected to implement the highest increase at about P24.50 per liter, followed by Seaoil Philippines with hikes ranging from P21 to P23 per liter. Other retailers such as Petron Corporation, Chevron Corporation, TotalEnergies, and Jetti Petroleum also confirmed significant increases.
Garin explained that the DOE cannot directly control or cap oil price increases because of the Downstream Oil Industry Deregulation Act, which allows fuel companies to set prices based on global market conditions.
Government Considering Emergency Measures
In response to the expected surge in fuel costs, Ferdinand Marcos Jr. plans to request emergency powers from Congress to temporarily reduce excise taxes on petroleum products.
According to Palace Press Officer Claire Castro, the request will be filed through the Department of Energy as the government looks for ways to ease the financial burden on consumers.
Lawmakers are also expected to discuss the issue in the Senate, with Tito Sotto saying the chamber will deliberate on possible responses, including proposals to allow the importation of biofuels.
Measures to Reduce Fuel Consumption
To mitigate the impact of rising fuel prices, the government has introduced several conservation measures. These include implementing a four-day onsite workweek for government offices and encouraging agencies to reduce travel and energy consumption.
The looming energy concerns are linked to escalating tensions in the Middle East, where military confrontations involving the United States, Israel, and Iran have raised fears of disruptions in global oil supply.
