Jamaine Punzalan

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. Maria Tan, ABS-CBN News

Article (news)

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/177423413500820260306-oil-price-hike-refueling-MT2.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 Friday, March 6, in a rush to refuel ahead of the expected fuel price increase. Maria Tan, ABS-CBN News</span></span></span></div><div><br/></div><p>MANILA — President Ferdinand Marcos wants the measure that would reduce oil excise taxes to be “enforced immediately,” Malacañang said on Monday, a week after the chief executive noted that he has yet to sign the policy as it involves a “very complicated calculation.”</p><p>The President has not yet signed the bill that would reduce oil excise taxes in the country as it has not yet reached his office, Communications Undersecretary Claire Castro said. </p><p>“The mere fact [is] that the President wants it to be enforced immediately,” she said in a press conference at the Villamor Air Base.</p><p>“The only reason that he could not do it is because the bill has not reached the President as of now so there is no reason for him to sign,” she said.</p><p>“After signing, he would immediately release an order to either reduce or suspend the excise tax,” she added.</p><div><a href="https://www.abs-cbn.com/news/business/2026/3/23/gas-diesel-up-again-doe-lists-latest-fuel-price-increases-0859">Gas, diesel up again: DOE lists latest fuel price increases</a></div><p>Last week, Congress passed the bill to temper the spike in pump prices after Marcos certified the bill as urgent.</p><p>But in an earlier interview in a market in San Juan, Marcos said he neither had an idea on how much the oil excise tax should be reduced nor did he have a target date on when to sign the policy.</p><p>When asked who should be blamed for the delays on the signing of the measure, Castro said, “I am not so sure right now.”</p><p>“But the words that came from the President is that he wants these emergency powers to be given to him in order to at least lessen the impact of the crisis in the Middle East,” she said.</p><p>While the prices of oil in the global market has breached $100 per barrel, Castro noted that certain policies in the country can only be implemented if oil prices have spiked to over $80 per barrel for at least a month.</p><p>“Iba po yung pipirmahan niya agad dahil gusto niya ang batas na ito at iba ang hindi niya maaaring i-implement,” the Communications official said.</p><p>“Doon sa ginawa na bill, yung price ay kailangan mag-breach ng $80 per barrel sa loob ng 30 days,” she said.</p><div><a href="https://www.abs-cbn.com/news/nation/2026/3/23/nationwide-transport-holiday-underway-operators-urge-faster-release-of-subsidies-fare-adjustments-0752">Nationwide transport &#x27;holiday&#x27; underway; operators urge faster release of subsidies, fare adjustments</a></div><p>The Philippines has seen double-digit hikes in its pump prices since late February, after Iran closed parts of the Strait of Hormuz — where 20 percent of global oil supply passes through — in retaliation against air strikes from US and Iran.</p><p>As of March 23, fuel prices are pegged between P80 to P100 per liter.</p><p>The government has initially distributed a P5,000 cash aid for public utility drivers and is looking at releasing a second tranche to further aid transport workers, Castro said.</p><p>“In the coming days, the Department of Social Welfare and Development will release cash assistance to affected public utility drivers and this will be done in tranches,” she said.</p><p>“‘Yung impact ng sigalot sa Middle East, yan po ang tinututukan ng Pangulo para ma-soften sa atin yung impact,” she said.</p><div><a href="https://www.abs-cbn.com/news/nation/2026/3/23/another-transport-strike-set-on-march-26-27-0955">Another transport strike set on March 26-27</a></div><p>When asked what interventions were in place for middle class Filipinos who rely on private transportation, Castro said that the government was offering <a href="https://www.abs-cbn.com/news/nation/2026/3/23/toll-discount-lower-train-fares-begin-today-0947">discounted train fares </a>and free rides.</p><div><a href="https://www.abs-cbn.com/news/world/2026/3/23/global-economy-under-major-threat-from-strait-of-hormuz-crisis-iea-chief-1017">Global economy under &#x27;major threat&#x27; from Strait of Hormuz crisis: IEA chief</a></div><div><iframe width="726" height="408" src="https://www.youtube.com/embed/LJ8JN3t874g" title="Price of gasoline to breach P100/L, diesel to go up to P130/lL in next week&#x27;s oil price hike | ANC" frameBorder="0" allowfullscreen=""></iframe><iframe width="725" height="408" src="https://www.youtube.com/embed/9Agx1Hrf2aA" title="Philippines eyes Russian oil imports to ensure supply | ABS-CBN News" frameBorder="0" allowfullscreen=""></iframe><iframe width="827" height="465" src="https://www.youtube.com/embed/-VLsF5m4POM" title="Israel&#x27;s Netanyahu says Iran &#x27;threatens entire world&#x27; after missile strike in Arad" frameBorder="0" allowfullscreen=""></iframe><iframe width="726" height="408" src="https://www.youtube.com/embed/YZcG1TbfucI" title="Pope Leo calls wars in the Middle East and beyond a &#x27;scandal&#x27; for humanity" frameBorder="0" allowfullscreen=""></iframe></div>

<p>President Ferdinand Marcos wants the measure that would reduce oil excise taxes to be “enforced immediately,” Malacañang said on Monday.</p>

President Ferdinand Marcos wants the measure that would reduce oil excise taxes to be “enforced immediately,” Malacañang said on Monday.

Marcos wants oil excise tax cut ‘enforced immediately’ — Palace

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Marcos wants oil excise tax cut ‘enforced immediately’ — Palace

Katrina Domingo,

ABS-CBN News

Published Mar 23, 2026 10:55 AM PHT

Read More:

Marcos

oil

gasoline

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