The Department of Energy (DOE) is ramping up mitigation efforts to manage the impact of escalating global oil prices on Filipino consumers, particularly in light of growing tensions
The Department of Energy (DOE) is ramping up mitigation efforts to manage the impact of escalating global oil prices on Filipino consumers, particularly in light of growing tensions between Israel and Iran.
“As we face continued volatility in the global oil market, the Department of Energy is taking firm and proactive steps to protect the welfare of our people,” said DOE Officer-in-Charge Sharon S. Garin. “Our immediate priority is to ensure that our fuel supply remains stable and sufficient, and that any local price adjustments are managed in a way that minimizes disruption to our economy.”
Garin, along with DOE Undersecretary Alessandro Sales, inspected oil depots in Manila today, June 17, to ensure oil companies are complying with the required inventory levels—30 days for crude oil and 15 days for finished petroleum products.
The DOE is also urging oil firms to implement staggered price hikes in the event of sudden, significant spikes in global prices to reduce the burden on consumers.
The government is prepared to roll out targeted fuel subsidies to protect the most affected sectors—particularly transport and agriculture. According to the DOE, as of June 16, the price of Dubai crude stood at USD 73 per barrel. Under current policy, subsidies are automatically triggered when prices exceed USD 80 per barrel.
The 2025 General Appropriations Act has earmarked PHP 2.5 billion for fuel subsidies under the Department of Transportation for public utility vehicle drivers, ride-hailing services, and delivery platforms. Meanwhile, PHP 585 million is available via the Department of Agriculture for farmers and fisherfolk.
The DOE said it will continue monitoring global market data to guide its interventions. Longer-term strategies are also underway, including accelerating the adoption of electric and hybrid public transport vehicles to lessen the country’s dependence on imported oil.
The government emphasized its commitment to a “whole-of-government” approach to ensure price stability and energy security.
What are your thoughts on the DOE’s oil price mitigation measures? Are they enough to protect the most vulnerable sectors? Join the discussion.
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