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

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OIL PRICE HIKE

Katrina Domingo

Agatha Gregorio

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/177423717627020260306-oil-price-hike-refueling-MT13.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><p>MANILA (<strong>UPDATED</strong>)  — The Philippines is not experiencing an oil crisis, but is instead seeing a “disruption” in fuel prices, Malacañang said on Monday. </p><p>The Palace gave the statement following criticism on the administration&#x27;s earlier claim that there was no oil crisis despite double-digit spikes in pump prices for several weeks.</p><p>“Ang sinasabi po natin na wala pa po, hindi dinideklara dahil may sapat na supply pa sa ngayon. Ang nagkakaroon lang ng isyu ay ang sa presyo,” Communications Undersecretary Claire Castro said. </p><p>“Wala pa po tayong tawagin na oil crisis sa bansa. Sa ngayon hindi pa natin masabi dahil pinagsusumikapan ng gobyerno na walang patid ang supply sa atin,” she told Palace reporters.</p><p>“Maybe mayroong price disruption dahil sa nangyayari sa Middle East.”</p><div><a class="fr-green fr-strong" href="https://www.abs-cbn.com/news/nation/2026/3/23/marcos-wants-oil-excise-tax-cut-enforced-immediately-palace-1055">Marcos wants oil excise tax cut ‘enforced immediately’ — Palace</a></div><p>Due to the Philippines’ Oil Deregulation Law, local fuel companies sell their products based on “prevailing benchmark prices” in global markets, even if they bought the oil supply at a lower price before air strikes in the Gulf region paralyzed portions of the Strait of Hormuz, Castro noted.</p><p>“Dahil ganito ang umiiral sa ganitong klaseng sistema, hindi ang DOE (Department of Energy) ang makakapagdikta ng presyo ng gasolina ng fuel dahil mayroon tayong oil deregulation law,” she said.</p><p>“Pero kapag bumaba naman ang presyo ng gasolina, kahit nabili nila ng mas mataas, kailangan pa rin nilang ibenta sa presyo na mas mababa,” she added.</p><div><a class="fr-green fr-strong" href="https://www.abs-cbn.com/news/business/2026/3/18/why-can-oil-firms-hike-prices-for-fuel-bought-weeks-ago-1839">Why can oil firms hike prices for fuel bought weeks ago?</a></div><p>Despite its insistence that there is no oil crisis in the Philippines, the Palace said it was finalizing a “crisis management committee.”</p><p>“Bago pa po may mag-suggest… nag-utos na ang Pangulo na maggawa ng crisis committee. Hintayin na lang po natin ang dokumento, pina-finalize pa po,” the Communications undersecretary said.</p><p>“Ito po ay tututok sa kung ano ang pangangailangan ng ating mga kababayan lalo na sa supply,” she added.</p><div><a class="fr-green fr-strong" href="https://www.abs-cbn.com/news/business/2026/3/22/ph-allows-limited-use-of-lower-grade-fuel-to-secure-supply-amid-global-oil-volatility-2155">Philippines allows limited use of lower-grade fuel to secure supply amid global oil volatility</a></div><div><br/></div><div><strong>-- Makabayan slams Palace over &#x27;no oil crisis&#x27; statement --</strong></div><p>The Makabayan bloc condemned the Palace statement and called for &quot;pro-people steps&quot; to be prioritized amid surging oil prices and the increase in prices of basic goods.</p><p>&quot;We are raising the call for an emergency session of both Houses of Congress to pass urgent pro-people legislation,&quot; they said in a statement.</p><p>&quot;We also urge the reallocation of pork barrel-style infrastructure spending and corruption-prone projects toward social services and direct subsidies for the poor and affected sectors, and the serious consideration of a moratorium on foreign debt payments and payments for foreign projects to free resources for urgent social needs.&quot;</p><p>The Makabayan bloc criticized what they see as a &quot;denial and lack of urgency&quot; on the part of the Marcos administration.</p><p>&quot;Downplaying the crisis encourages complacency, delays action, and pressures the public to treat worsening hardship as normal,&quot; ACT Teachers party-list Representative Antonio Tinio, Gabriela party-list Representative Sarah Elago, Kabataan party-list Representative Renee Co said in a joint statement.</p><p>Meanwhile, Navotas Lone District Representative Toby Tiangco also found it unacceptable that Castro said there was no crisis.</p><p>&quot;Eh ang taas na ng tinaas ng presyo ng langis, &#x27;di ba? &#x27;Pag nagpapakarga ka nga ng diesel, pataas nang pataas eh… Ang pananaw ko talagang nasa krisis na tayo, at dapat gumawa ng paraan para maibsan &#x27;yung epekto sa ating mga kababayan,&quot; he said.</p><div><br/></div><div><strong>RELATED VIDEO:</strong></div><div style="text-align:center"><iframe width="560" height="315" src="https://www.youtube.com/embed/kq4IsrIQlgI?si=aYX7CTDKiBN4fjIo" title="YouTube video player" frameBorder="0" allowfullscreen=""></iframe></div>

<p>The Philippines is not experiencing an oil crisis, but is instead seeing a “disruption” in fuel prices, Malacañang said on Monday. </p>

The Philippines is not experiencing an oil crisis, but is instead seeing a “disruption” in fuel prices, Malacañang said on Monday.

Palace: PH seeing ‘price disruption,’ not oil crisis’

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Palace: PH seeing ‘price disruption,’ not oil crisis’

Katrina Domingo,

Agatha Gregorio,

ABS-CBN News

Published March 23, 2026 11:40 AM PHT

|

Updated March 23, 2026 04:58 PM PHT

Read More:

oil price hike

oil crisis

price disruption committee

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