On Tuesday, Marcos said the move would give the government the legal authority to impose measures to ensure energy stability and protect the broader economy.
Under the order, a committee has been formed to oversee the orderly distribution of fuel, food, medicines, and other essential goods.
The government has also been empowered to directly purchase fuel and petroleum products to shore up supplies.
The declaration will remain in place for one year, unless it is extended or lifted by the president.
It follows calls from several senators, who urged Marcos to acknowledge the “emergency-level” hardship faced by Philippine families due to soaring oil prices.
The price of petrol and diesel spiked again on Tuesday, rising to more than double its pre-war level in February.
Since hostilities in the Middle East began, the government has offered subsidies to transport drivers, reduced ferry services, and implemented a four-day work week for civil servants to save fuel.
Earlier on Tuesday, Energy Secretary Sharon Garin said the country had about 45 days of fuel supply left.
Garin told reporters the country would “temporarily” depend more heavily on coal-fired power plants to meet its energy needs in response to the surging costs of liquefied natural gas (LNG).
Asia is particularly exposed to the blockade of the Strait of Hormuz. Last year, nearly 90% of all the oil and gas that passed through the waterway was bound for the region.
