MANILA – Oil firms agreed to the government's request to implement on a staggered basis the fuel price adjustments for this week, the Department of Energy (DOE) said on Monday.
In a statement, DOE said the proposal aims to cushion the impact on Filipino consumers by distributing price movements over a more manageable period.
DOE officer in charge Sharon Garin and Undersecretary Alessandro Sales met with representatives of the downstream oil industry Monday to discuss the staggered implementation of domestic petroleum price adjustments.
The DOE said oil firms would submit their implementation scheme, including the breakdown of the staggered adjustments, to the DOE no later than 6 p.m. today.
“We have also urged oil companies to increase the number of their retail stations offering fuel discounts to the transport sector,” Garin said.
“This forms part of our broader efforts to alleviate the burden on vulnerable groups. We will address this in detail during our individual meetings with the oil companies on Wednesday, 25 June 2025," he added.
Sales, who supervises the DOE-Oil Industry Management Bureau said the government continues to closely monitor global oil prices and foreign exchange trends.
He said the government also urges oil firms to exercise prudence in passing on cost changes to consumers.
“Much of the recent price volatility is being driven not by actual supply disruptions, but by speculative trading due to geopolitical uncertainties,” Sales said.
Data from the DOE showed that as of June 23, the average pump price of gasoline is at PHP55.90 per liter, diesel at PHP53.40 per liter, and kerosene at PHP70.22 per liter.
The DOE assured that the government continues to implement measures to ensure adequate domestic fuel supply, including compliance with mandatory inventory requirements for oil companies.
It is also working to activate existing safety nets such as fuel subsidies and coordinated action among relevant government agencies to protect the most affected sectors.
Garin is scheduled to meet with officials from the Department of Transportation and the Department of Agriculture on Tuesday to discuss the timely rollout of targeted subsidies for public transport drivers and farmers, should the average price of crude oil breach the USD80 per barrel threshold.
As of Monday, the average price of Dubai crude oil stands at USD75.16 per barrel.
The DOE, meanwhile, is also encouraging the public to practice fuel conservation such as carpooling, avoiding unnecessary idling, observing correct tire pressure, and regular vehicle maintenance. (PNA)