DOE negotiates staggered fuel price hikes with retailers

Philippine fuel retailers have agreed to implement scheduled pump price hikes this week on a staggered basis at the request of the Department of Energy (DOE), aiming to ease the burden on Filipino consumers.

During a meeting between DOE officials and representatives from the downstream oil industry on Monday, an agreement was reached to mitigate sudden price shocks amid escalating conflicts in the Middle East.

Oil companies are required to submit their implementation plans by 6 p.m. today, including details on fuel discounts for the transport sector.

DOE officer-in-charge Sharon Garin and undersecretary Alessandro Sales will meet with officials from the Departments of Transportation and Agriculture tomorrow to discuss subsidies for public drivers and farmers if crude oil prices exceed $80 per barrel.

The DOE has also urged oil firms to exercise prudence in passing on cost changes to consumers, noting that recent price volatility is largely driven by speculative trading rather than actual supply disruptions.