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Philippine oil prices rise for 6th straight week despite Marcos' SONA claim of rollbacks
“We have done everything possible to lower oil prices and slow their increase,” President Ferdinand Marcos Jr said during his 5th State of the Nation Address on Monday
- PUBLISHED: Tue 28 Jul 2026, 12:28 PM
Massive price increases in petroleum products were implemented in the Philippines a day after President Ferdinand Marcos Jr claimed his government had ordered “large price rollbacks” in oil products since the Middle East war started.
In his State of the Nation Address (SONA) before a joint session of Congress on Monday, Marcos said he compelled oil companies to abide by rollback orders, aside from his suspension of excise taxes on cooking gas and kerosene for three months.“We have done everything possible to lower prices and slow their increase,” Marcos said.
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Marcos’ so-called accomplishment, however, was countered by fresh pump price increases a few hours after his nationwide address. For the sixth week in a row since US-Iran hostilities resumed, diesel prices increased by P7.30 (Dh0.44) per liter, gasoline prices increased by P6.80 (Dh0.41), and kerosene prices increased by P4.20 (Dh0.25) per liter in the Philippines on Tuesday.
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Pump prices in Metro Manila are currently at P106 (Dh6.42) per liter for diesel, up to P106.50 (Dh6.45) for gasoline, and around P138.30 (Dh 8.38) for kerosene. Prices are progressively more expensive the farther one is from the capital.
Bad news for drivers
Public transport worker Rolly Mangitngit watched Marcos’ speech at a jeepney terminal in Quezon City on Monday. He said the latest round of oil price increases made Marcos’ speech meaningless to drivers like him.“I hoped he would mention the suspension of value-added and excise taxes on oil products while the war rages in the Middle East,” Rolly said.
His colleague Romeo Dangcalan added: “Marcos is letting us shoulder the effects of the war while the oil companies are raking it in.”Marcos, in his SONA, said 1.8 million transport workers had been given cash aid.
Jeepney drivers in Dagupan City, in Marcos’ home region, also expressed disappointment at the lack of clear solutions to runaway oil price increases. They said one-time cash aid and discounted diesel prices at select stations are inadequate solutions to exorbitant fuel prices.
Small solutions to big problems
Economist Sonny Africa, executive director of the Ibon Foundation, said Marcos’ cash aid does not provide sustainable assistance to those most affected by the war, adding that the president was not being truthful when he claimed he did all he could against high oil shock-driven prices.
“Marcos declared a national emergency but didn’t use its powers to control oil prices and to freeze prices of basic goods, resulting in the third-highest inflation in the Southeast Asian region,” Africa said.
“The P47 billion windfall profits of the oil firms just in March, from selling high what they bought low, are bigger than what the government has spent so far to help tens of millions of distressed Filipinos,” Africa explained.
Stable supply
In his SONA, Marcos appeared upbeat about his country’s chances of overcoming the challenges brought by the war in the Gulf region.“Despite the closure of the Strait of Hormuz, we were able to purchase and import oil from other source countries, such as Japan, South Korea, Oman, India, even Russia, and even China.
Because of these, we were able to ensure a sufficient supply for the country that will last for almost two months,” Marcos said.
He also pointed out that his government held talks with Iran for the safety of thousands of Filipino seafarers stranded in the Arabian Gulf due to the constriction of the Strait of Hormuz.
Marcos also said his government safely repatriated 12,000 Filipinos who wished to come home after the war started. He said his government organized job fairs on May 1 to help those who lost their jobs because of the war.