HOR to fast-track mandatory biofuel blending requirements

MANILA: The House of Representatives is eyeing to pass a measure that will temporarily halt the mandatory biofuel blending requirement.

Speaker Faustino Dy III gave the assurance after President Ferdinand Marcos Jr. certified as urgent House Bill (HB) 8469.

Once turned into law, this would allow the country’s chief executive to suspend mandatory biofuel mixing under the Biofuels Act of 2006 if blended fuel prices are at least five percent higher than pure fuel. This is expected to ease pump prices.

The president’s move, Dy, noted, highlights the urgency of protecting consumers and businesses from increasing fuel prices amid the crisis in the Middle East.

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“The President’s certification makes clear that this is an urgent matter affecting every Filipino household and the entire economy. The House stands ready to act swiftly on this measure so we can give government the flexibility to stabilize fuel prices,” the lawmaker said.

“Our priority is to protect consumers, keep transport and production costs manageable, and ensure that energy supply remains stable."

To be called Oil Price Stabilization Act once approved, HB 8469 is already up for second reading in the plenary after the House Committee on Energy approved it last week.

Further, Dy said that the targeted amendment will provide the government flexibility to respond to abnormal price movements in the global oil market.

Under the current law, gasoline and diesel sold in the country need to have biofuel components such as bioethanol and biodiesel. While this supports renewable energy and local biofuel industries, the blending requirement can sometimes raise pump prices when biofuel components become more expensive or supply becomes tight.

“At the end of the day, our responsibility is clear: protect Filipino consumers from avoidable fuel price increases while ensuring that our energy supply remains stable and responsive to global developments,” Dy said.

Relatedly, Senator Francis Pangilinan wants to suspend the implementation of excise tax on fuel products — but must be done in a targeted, rules-based, and time-bound.

Tomorrow, prices at the pump are expected to have the following price increases:

Product	Adjustment (in peso per liter)
Diesel	P20.40-P23.90
Gasoline	P12.90-16.60
Kerosene	P6.90-P8.90

Moreover, the transport strike is scheduled on Thursday to be conducted by members of the Pagkakaisa ng mga Samahan ng Tsuper at Operator Nationwide (PISTON).

In a statement, the transport group shared that the scheduled transport strike will be conducted as this week, the price of diesel will hit P120 per liter, saying that jeepney drivers shall spend P3,600 daily or P90,000 monthly.

They also downplayed the P5,000 fuel-subsidy, saying that the amount is not even two days’ worth of fuel.

Moreover, the group also noted Marcos Jr.’s earlier claim that oil firms have 50-60 days’ worth of inventory, yet prices have already increased. Aside from that, PISTON also cited that they are still waiting for the approval of the fare hike petition.  

Also read:

Grab, Move It partners to get ‘immediate support’ for fuel price surge

Oil firms to conduct 'big-time' hikes this week

DOE debunks ‘projected big-time oil price hike’ for next week

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