Manila: President Ferdinand R. Marcos Jr. has announced his active collaboration with Congress to amend the Biofuels Act of 2006, aiming to enable the use of more affordable bioethanol. This initiative is intended to mitigate the impact of rising oil prices amid escalating tensions in the Middle East, as mentioned by Marcos in a video message.

According to Philippines News Agency, the proposed amendment is part of several measures the government plans to implement to address the ongoing crisis in Gulf nations. The Biofuels Act currently mandates the use of locally-sourced bioethanol in fuel blends to lessen reliance on imported fuels. Marcos expressed concern over the conflict affecting the passage of oil-carrying ships through the Strait of Hormuz, a critical oil route globally.

Marcos highlighted that disruptions along this route lead to a worldwide increase in oil prices, impacting not just the Philippines. He noted an anticipated rise in petroleum product prices starting next week, with gasoline expected to increase by PHP7.48 per liter, diesel by PHP17.28 per liter, and kerosene by PHP32.35 per liter.

He emphasized the global repercussions of the Middle Eastern conflict, stating that such disturbances cause fluctuations in oil, electricity, and the prices of all goods. Additionally, Marcos reiterated his consideration of using emergency powers to temporarily reduce the excise tax on oil petroleum products if oil prices hit USD80 per barrel, subject to Congress approval.