In light of the rising global oil prices brought about by geopolitical tensions between Iran and Israel and market volatility, the Department of Energy (DOE), led by Officer-in-Charge Sharon S. Garin and Undersecretary Alessandro O. Sales, met with representatives of the downstream oil industry today, 23 June 2025, to discuss the staggered implementation of domestic petroleum 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.
Aimed at easing the burden of potential larger price adjustments in the domestic market, particularly on the transport and agriculture sectors, the proposed staggered approach seeks to cushion the impact on Filipino consumers by distributing price movements over a more manageable period.
The scheduled price adjustments for this week will be implemented on a staggered basis. Oil companies will submit their implementation scheme, including the breakdown of the staggered adjustments, to the DOE no later than 6:00 PM today.
“We have also urged oil companies to increase the number of their retail stations offering fuel discounts to the transport sector,” OIC Garin added. “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.”
Meanwhile, Undersecretary Sales, who supervises the DOE-Oil Industry Management Bureau (OIMB), emphasized that cooperation between the public and private sectors is critical.
“We are closely monitoring global oil price benchmarks and foreign exchange trends, but we also urge them to exercise prudence in passing on cost changes to consumers,” he said. “Much of the recent price volatility is being driven not by actual supply disruptions, but by speculative trading due to geopolitical uncertainties,” Undersecretary Sales added.
As of 23 June 2025, the average pump price of gasoline stands at PHP 55.90 per liter, diesel at PHP 53.40 per liter, and kerosene at PHP 70.22 per liter.
The DOE 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.
OIC Garin is scheduled to meet tomorrow, 24 June 2025, with officials from the Department of Transportation (DOTr) and the Department of Agriculture (DA) to discuss the timely rollout of targeted subsidies for public transport drivers and farmers, should the average price of crude oil breach the USD 80 per barrel threshold. As of today, the average price of Dubai crude oil stands at USD 75.16 per barrel.
In addition to these government-led interventions, the DOE strongly encourages the public to do their part by practicing fuel conservation. Simple yet effective habits, such as carpooling, avoiding unnecessary idling, observing correct tire pressure, and regular vehicle maintenance, can go a long way in reducing fuel consumption and mitigating the impact of rising prices on household expenses. ###