DOE appeals: Stagger price hikes in case of sudden spikes amid Israel-Iran tensions
'As we face continued volatility in the global oil market, the Department of Energy is taking firm and proactive steps to protect the welfare of our people,' DOE Officer-in-Charge (OIC) Sharon Garin said in a statement on Tuesday.
'Our immediate priority is to ensure that our fuel supply remains stable and sufficient, and that any local price adjustments are managed in a way that minimizes disruption to our economy. Through close coordination with the oil industry and strict monitoring of inventory levels, we are working to maintain energy security while preparing targeted interventions to support the most affected sectors,' Garin added.
Thus, the Energy Department appealed to industry players to 'implement staggered fuel price adjustments, especially in cases of sudden and significant spikes in global oil prices, in order to cushion the impact on local consumers.'
As of June 16, the price of Dubai crude reached $73 per barrel, according to the DOE.
With this, the Energy OIC said the government is prepared to roll out fuel subsidies to sectors directly impacted by fuel price increases, specifically transport and agriculture.
Fuel subsidies are aimed to prevent a domino effect that could drive up the cost of basic goods and services.
Under existing policy, fuel subsidies for public transport drivers and farmers are automatically activated when the price of Dubai crude breaches $80 per barrel.
The 2025 General Appropriations Act (GAA) provides an allocation of P2.5 billion through the Department of Transportation for fuel subsidies to drivers of public utility vehicles, taxis, ride-hailing services, and delivery platforms nationwide.
Meanwhile, the Department of Agriculture has an allocation of P585 million to support farmers and fisherfolk in the agricultural sector who may be adversely affected by rising fuel costs.
Garin said the DOE will continue to monitor and analyze real-time global energy market data to inform timely, evidence-based policy responses.
Oil companies are currently mandated to maintain at least a 30-day inventory of crude oil and a 15-day inventory of finished petroleum products. — BAP, GMA Integrated News
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