Amid the Soaring Oil Prices in PH, Marcos Jr. Says Crude Oil Is Cheaper than Importing Diesel
MARCOS JR. – The Philippine President announced that the crude oil supply in the Philippines will last until June 30, 2026 as of now.
Countless Filipinos most especially the Public Utility Vehicle (PUV) drivers and the daily commuters are greatly affected by the rising costs of fuel in the Philippines. It is triggered by the ongoing war in the Middle East which erupted after the United States and Israel attacked Iran.
Three (3) oil price hikes have already brought the cost of diesel in the Philippines to P130 per liter. The Philippine government has been releasing fuel subsidies to the PUV drivers amid the halting of the fare hike.
Pres. Bongbong Marcos declared a State of National Energy Emergency to open the government to many more options in dealing with the situation. He previously assured that the country is already looking for alternative nations that could provide us with oil.
The global oil flow was affected by the restrictions implemented by Tehran in the Strait of Hormuz. Following the attack that killed Iranian Supreme Leader Ayatollah Ali Khamenei and several Iranian government officials and civilians, Iran’s capital closed the Strait for the vessels of the United States and Israel.
The Strait of Hormuz is a vital passageway for oil shipments. U.S. Pres. Donald Trump previously gave Iran a 48-hour ultimatum to open the Strait of Hormuz to everyone or they will attack the energy facilities of the country but it did not make the Iranian government step back. It even triggered a threat from Iran to fully close the waterway.
Marcos Jr. assured the Filipinos of the continued effort of the Philippine government to help the people amid the Middle East war. On the suspension of the fare hike, Malacañang explained that the government is balancing the help to the transport sector and the commuters.
Another oil price hike is seen next week which could bring the cost of diesel to P150 per liter. In the past two weeks, there were already several transport strikes held in the Philippines. The President stressed that the global oil prices is beyond the control of the government.
Recently, crude oil has arrived in the Philippines. Based on a report on ABS-CBN News, Marcos Jr. announced that the crude oil supply in the country will last until June 30, 2026. Furthermore, based on the report, the President explained that importing crude oil to be refined in the country is much cheaper than importing diesel.
“Pinasok nila ang crude oil para i-refine dito sa Pilipinas. Iba ang presyuhan kapag nagpasok tayo ng diesel kaysa nagpasok tayo ng crude oil na tayo ang mag-refine. Mas mahal yung magpapasok tayo ng diesel na refined na,” the President said.
Previously, Pres. Bongbong Marcos stressed that his National Energy Emergency declaration was not meant to cause panic among the people.