RESPONDING to soaring global petroleum prices driven by the Middle East conflict, the Department of Energy (DOE) announced Monday that local oil companies have agreed to a phased implementation of fuel price increases.
This decision, following a meeting with major oil firms, aims to lessen the immediate impact of the hikes on Filipino consumers.
DOE officer-in-charge Sharon Garin stated that the dialogue with industry players demonstrated a shared commitment to balancing economic realities with the need to protect consumers from sudden price shocks.
She expressed satisfaction with the oil companies’ positive response to the DOE’s request for a more gradual implementation of price adjustments. The plan is to distribute the significant price increases over a longer period, making the impact less severe for consumers. Oil companies are expected to submit their detailed implementation schemes to the DOE by 6 p.m. on Monday.
The meeting included representatives from major oil companies such as Petron, Shell, Caltex, Jetti, PetroGazz, Insular, Phoenix, PTT Philippines, Seaoil, Total, Unioil, Filpride, and Cleanfuel. Industry sources estimate that this week’s pump prices could potentially increase by as much as ₱5.10 per liter without the agreed-upon staggered approach.
The DOE’s intervention aims to lessen the burden on consumers while acknowledging the economic pressures faced by the oil industry. Further details on the specific implementation schedules are expected following the submission of the companies’ plans to the DOE.
metrosundaily
