The Department of Energy (DOE) has secured the agreement of major oil companies to implement *staggered price increases* on petroleum products this week, in a bid to soften the impact of rising global oil prices caused by heightened geopolitical tensions between Iran and Israel.

In a meeting held today, June 23, 2025, DOE Officer-in-Charge Sharon S. Garin and Undersecretary Alessandro O. Sales met with representatives from Petron, Shell, Caltex, Jetti, PetroGazz/Insular, Phoenix, PTT, Seaoil, Total, Unioil, Filpride, and Cleanfuel to finalize the implementation of the price adjustments.

“Our dialogue with industry players today reflects our shared commitment to balance economic realities with the need to shield our people from sudden price shocks, and we are pleased to report that they have responded positively to our request,” said OIC Garin.

The DOE said companies must submit their respective implementation schemes—including the breakdown of staggered increases—by 6PM today.

The move aims to ease the impact on vulnerable sectors, especially transport and agriculture, by spreading price changes over a more manageable timeframe. Garin also urged oil firms to expand the number of retail stations offering discounts to the public transport sector. One-on-one discussions with oil firms are scheduled for Wednesday, June 25.

Meanwhile, Usec. Sales stressed the importance of prudent pricing practices. “Much of the recent price volatility is being driven not by actual supply disruptions, but by speculative trading due to geopolitical uncertainties,” he noted, while reiterating the need for coordination between government and industry.

As of June 23, the average pump prices are:

Gasoline: PHP 55.90/liter
Diesel: PHP 53.40/liter
Kerosene: PHP 70.22/liter

The DOE is also preparing contingency measures, including the activation of targeted fuel subsidies for public transport drivers and farmers should global crude oil prices breach USD 80 per barrel. Garin is set to meet with the Department of Transportation (DOTr) and Department of Agriculture (DA) on June 24 to prepare the rollout. Dubai crude currently averages USD 75.16 per barrel.

The DOE continues to monitor inventory compliance and encourages the public to conserve fuel through carpooling, vehicle maintenance, and other simple fuel-saving practices.

Let us know—will staggered fuel hikes make a difference in your operations or daily costs? Join the conversation.

Follow Power Philippines on Facebook and LinkedIn or join our Viber community to stay up to date on the latest energy news.