DOE asks oil firms to stagger price hikes amid global tensions

The Department of Energy (DOE) is appealing to oil companies to stagger fuel price adjustments, especially during sudden spikes in global oil prices, to cushion the impact on local consumers.

DOE Officer-in-Charge Sharon S. Garin stated that the department is taking proactive steps to protect the welfare of the people amid continued volatility in the global oil market, driven by escalating tensions between Israel and Iran.

The DOE inspected fuel depots in Manila to ensure compliance with rules on maintaining adequate inventories.

The agency is monitoring oil inventories and coordinating with industry players to ensure energy security and stable fuel supply.

Currently, oil companies are mandated to maintain a 15-day supply of finished petroleum products.

The DOE is developing targeted interventions and is prepared to roll out fuel subsidies for sectors directly impacted by fuel price increases, specifically transport and agriculture.