"We were hoping for a good outcome from the peace talks (between) the US and Iran, but it appears they were unable to strike a deal, which is why we will continue to help our people," he told a news conference.

"We have reduced the tax on petroleum products directly used by our people in their everyday lives."

Following the legislature's earlier passage of a law authorising him to adjust fuel excise taxes, Marcos said the cost of liquefied petroleum gas, the country's fuel of choice for cooking, would be trimmed by 3.36 pesos (5.6 US cents) per kilogram from Tuesday.

He said the price of kerosene, the cooking fuel used by poorer families, would drop by 5.60 pesos per litre.

Marcos said he would convene a meeting of a government crisis committee Tuesday to discuss possible excise tax adjustments on gasoline and diesel, the main fuels for public transport.

The Philippines sources its crude oil from the Middle East and imports refined petroleum products mainly from Asian refineries that are also dependent on crude oil shipped through the Strait of Hormuz that Iran has effectively closed.

Local diesel pump prices have more than doubled to about 145 pesos ($2.41) a litre since the start of the war.

The government revealed last week war-driven inflation figures that showed food prices had increased nearly twice as fast in March as the month before.