Benise Balaoing

Motorists line up at a gasoline station along Philcoa in Diliman, Quezon City on Friday, March 6, in a rush to refuel ahead of the expected fuel price increase next week. Long queues of cars and motorcycles formed as drivers tried to fill up before the anticipated hike in gasoline and diesel prices.  Maria Tan, ABS-CBN News

Article (news)

OIL PRICE HIKE

ABS-CBN News

<p>MANILA -- The Department of Budget and Management (DBM) has approved the release of P20 billion to the Department of Energy (DOE) to buy more fuel supply for the Philippines.</p><p>In a statement, the DBM said the P20 billion will be used to buy fuel products--including diesel, gasoline, and LPG--to boost national fuel inventory, stabilize pump prices, and ensure uninterrupted operations across the transport, logistics, agriculture, emergency response, and other critical sectors.</p><p>The amount came from the Malampaya Gas Fund. The Philippine National Oil Company–Exploration Corporation (PNOC-EC) will buy the fuel, and the DBM said the PNOC-EC has started the procurement process to increase domestic supply.</p><div><a href="https://www.abs-cbn.com/news/business/2026/3/24/malampaya-funds-eyed-for-bulk-oil-purchase-1851" rel="noopener noreferrer" target="_blank">Malampaya funds eyed for ‘bulk’ oil purchase</a></div><p>“This is about protecting the daily life of every Filipino—from the jeepney driver and delivery rider, to our farmers, frontliners, and ordinary families,&quot; said Budget Secretary Rolando Toledo. &quot;Kapag may problema sa fuel, apektado ang buong ekonomiya. Hindi puwedeng maghintay,” he said.</p><p>“Every peso we release here is meant to keep the economy moving, keep goods flowing, and keep services running,&quot; he added.</p><p>Last week, the DOE authorized the temporary and tightly regulated use of lower-grade petroleum products in a bid to safeguard the country’s fuel supply.</p><p>On Tuesday, it also assured the public that the country had <a href="https://www.abs-cbn.com/news/nation/2026/3/24/doe-philippine-fuel-supply-enough-as-middle-east-war-enters-fourth-week-0956" rel="noopener noreferrer" target="_blank">enough petroleum inventory</a> that did not yet warrant a declaration of a crisis despite soaring fuel prices. </p><p>President Ferdinand Marcos Jr. on Tuesday said the Philippines is working to secure fuel supply from Russia, hours before he declared a <a href="https://www.abs-cbn.com/news/nation/2026/3/24/marcos-declares-state-of-national-energy-emergency-1927" rel="noopener noreferrer" target="_blank">state of national energy</a> emergency due to an “imminent danger” on the “availability and stability of energy supply.”</p><div><a href="https://www.abs-cbn.com/news/business/2026/3/25/philippines-eyeing-russian-oil-marcos-1336" rel="noopener noreferrer" target="_blank">Philippines eyeing Russian oil– Marcos</a></div>

<p>The budget department has approved the release of P20 billion to the Department of Energy to buy more fuel supply for the Philippines.</p>

The budget department has approved the release of P20 billion to the Department of Energy to buy more fuel supply for the Philippines.

DBM approves release of P20 billion to secure fuel supply

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DBM approves release of P20 billion to secure fuel supply

Benise Balaoing,

ABS-CBN News

Published March 25, 2026 03:06 PM PHT

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