Jamaine Punzalan

Motorists line up at a gasoline station along Philcoa in Diliman, Quezon City on March 6, in a rush to refuel ahead of the expected fuel price increase. Maria Tan, ABS-CBN News/File

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OIL PRICE HIKE

Katrina Domingo

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px;display:block" width="960"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/177379621195220260306-oil-price-hike-refueling-MT8.jpg" style="width:960px" class="fr-fic fr-dib" width="960"/><span class="fr-inner" style="text-align:left">Motorists line up at a gasoline station along Philcoa in Diliman, Quezon City on March 6, in a rush to refuel ahead of the expected fuel price increase. Maria Tan, ABS-CBN News/File </span></span></span></div><p>MANILA — President Ferdinand Marcos Jr. said Wednesday that he has yet to set a target date on when to sign a measure that would either<a href="https://www.abs-cbn.com/news/business/2026/3/17/senate-oks-emergency-powers-on-fuel-excise-tax-1858"> suspend or reduce excise tax on petroleum products</a>, a move which he earlier <a href="https://www.abs-cbn.com/news/business/2026/3/12/marcos-certifies-urgent-bill-allowing-fuel-tax-suspension-cuts-1708">certified as urgent </a>to immediately stave off sharp spikes in Philippine pump prices.</p><p>Following two consecutive weeks of double-digit price hikes in diesel, gasoline and kerosene, Marcos said that the Philippine had enough oil and food supply.</p><p>“Right now, we don’t have a problem sa supply sa food, we don’t have a problem sa supply with petroleum products, including fertilizer sa farmer,” the President said.</p><p>“Everything is normal, no need to hoard,” he added.</p><p>When asked when he intended to sign the measure that would change oil excise tax rates, a move which could provide immediate relief across all classes, the President said, “It depends.”</p><div> </div><p>“That is a very complicated calculation. It depends on the trends. We have to watch the trends of oil prices,” he said.</p><p>“We will just have to look. It is very hard to say because it is all speculation: We don’t know how long this will last for, we don’t know what the effects are, we don’t know what will happen to the Strait of Hormuz,” said.</p><p>“Right now, we are just adjusting to the situation. When the situation calls for it we will see when we will utilize that power and by how much,” he said.</p><p>The government earlier launched a cash aid program to grant a P5,000 assistance to public utility vehicle drivers, while farmers and fisherfolk received some fuel subsidy from the government.</p><p>But the Filipino middle class — both commuters and private vehicle owners — have yet to get any form of aid from the government even as oil prices hovered above $100 per barrel.</p><div><a href="https://www.abs-cbn.com/news/nation/2026/3/17/cash-handouts-fare-hikes-as-philippines-battles-soaring-fuel-costs-1224">Cash handouts, fare hikes as Philippines battles soaring fuel costs</a></div><p>Marcos said that so far, “everything is normal.”</p><p>“Normal pa naman, everything is normal,” he said.</p><p>“We just keep working to make sure that it stays that way pati ang kabuhayan ng ating mga kababayan ay hindi maapektuhan,” he said.</p><div><a href="https://www.abs-cbn.com/news/business/2026/3/17/fuel-rationing-not-needed-yet-doe-1811">Fuel rationing not needed yet – DOE</a></div><p>The government has been inspecting markets to ensure that vendors would significantly increase the prices of food commodities.</p><p>The Department of Agriculture (DA) has urged the President to implement a price cap on imported rice after the agency saw prices surge nearly P60 per kilo. </p><p>The DA’s proposal is still under Malacañang review. </p><div><iframe width="1023" height="575" src="https://www.youtube.com/embed/UgZab7xxCao" title="FULL VOTE: Senate OKs emergency powers on fuel excise tax | ABS-CBN News" frameBorder="0" allowfullscreen=""></iframe><iframe width="1023" height="575" src="https://www.youtube.com/embed/w20_s6u8ut8" title="New jeepney fare hikes effective March 19 | DZMM TeleRadyo" frameBorder="0" allowfullscreen=""></iframe><iframe width="1023" height="575" src="https://www.youtube.com/embed/1yqRB_d1Omo" title="Tricycle drivers in QC to get P5K cash aid from DSWD" frameBorder="0" allowfullscreen=""></iframe></div>

<p>President Ferdinand Marcos Jr. said Wednesday that he has yet to set a target date on when to sign a measure that would either suspend or reduce excise tax on petroleum products, a move which he earlier certified as urgent to immediately stave off sharp spikes in Philippine pump prices.</p>

President Ferdinand Marcos Jr. said Wednesday that he has yet to set a target date on when to sign a measure that would either suspend or reduce excise tax on petroleum products, a move which he earlier certified as urgent to immediately stave off sharp spikes in Philippine pump prices.

‘Everything is normal’: Marcos still ‘watching trends’, yet to sign fuel tax reduction bill

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‘Everything is normal’: Marcos still ‘watching trends’, yet to sign fuel tax reduction bill

Katrina Domingo,

ABS-CBN News

Published Mar 18, 2026 09:13 AM PHT

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Updated Mar 18, 2026 09:18 AM PHT

Read More:

Marcos

Bongbong Marcos

Ferdinand Marcos Jr.

oil price hike

oil excise tax

gasoline

fuel

diesel

kerosene

Iran war

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