Metro Manila, Philippines – Filipinos should brace for a substantial increase in pump prices next week over uncertainties in the global oil supply because of the Middle East conflict, President Bongbong Marcos said in a video message on Friday, March 6.
He said gasoline will cost ₱7.48 more per liter, diesel by ₱17.28 per liter, and kerosene by a whopping ₱32.35 per liter.
The president cited fears of the possible closure of the Strait of Hormuz, a critical waterway through which roughly 20 percent of the world’s oil supply passes.
“Kapag nagkaroon ng problema sa daanang ito, naaapektuhan ang suplay ng langis at tumataas ang presyo nito sa buong mundo, hindi lamang sa Pilipinas,” Marcos said, acknowledging the global nature of the crisis.
The projected increase is drawing alarm from transport groups, farmers, and small business owners who rely heavily on fuel.
Marcos assured the public that the country maintains a 60-day fuel stockpile. He also expressed support for cutting the excise tax on fuel should the import price hit $80 per barrel.
Related: 60-day oil supply secured; tax cuts possible if prices hit $80 – Marcos
The president called on the public to prepare for contingencies as the Middle East crisis drags on.
