DOE implements measures to stabilize fuel prices amid Israel-Iran tensions

The Department of Energy (DOE) is implementing measures to protect the economy and Filipino consumers from rising global petroleum prices due to tensions between Israel and Iran.

Sharon Garin, DOE Officer-in-Charge, emphasized the need for stable fuel supply and managed price adjustments to minimize economic disruption while inspecting oil depots in Manila today with Undersecretary Alessandro Sales.

Garin urged industry players to implement staggered fuel price adjustments as global tensions continue to rise, with Dubai crude at $73 per barrel on June 16.

Oil companies implemented a hike of P1.80 per liter for both gasoline and diesel, and P1.50 per liter for kerosene on Tuesday, bringing year-to-date adjustments to P6.90 per liter for gasoline and P6.65 per liter for diesel.

The government is preparing subsidies for transport and agriculture sectors if the price of Dubai crude breaches $80 per barrel, allocating P2.5 billion for public transportation and P585 million for farmers and fisherfolk under the 2025 General Appropriations Act.

The DOE will continue to monitor global energy market data to inform timely policy responses while promoting initiatives like electrification and hybridization of the public transport sector to reduce dependence on imported oil.