MANILA, Philippines — The Department of Energy (DOE) has teamed up with the Philippine National Police (PNP) to clamp down on gas stations raising fuel prices ahead of the official Tuesday schedule. The warning comes as the country braces for a massive price hike—potentially up to ₱10 per liter—due to the widening Middle East war.
Despite rules requiring price changes only on Tuesdays, the DOE has already flagged several violators:
- Tagum City, Davao del Norte: One station hiked diesel by ₱8.35 per liter (from ₱64.85 to ₱73.20) on Saturday. It was ordered to roll back its prices immediately.
- Laguna: Consumers in Sta. Rosa City reported price jumps of about ₱10 per liter as early as the weekend.
- Penalties: Violators face the suspension or cancellation of their permits and certificates of compliance.
Energy Secretary Sharon Garin assured the public that there is no reason for panic buying, as the Philippines currently holds a two-month supply of fuel.
- Emergency Procurement: The government plans to buy 1 million barrels of diesel from allies like South Korea, Japan, and Singapore to beef up local stocks.
- China Factor: China, which provides 30% of the Philippines’ diesel, has halted fresh export contracts, adding to supply concerns.
- Subsidies: The Department of Agriculture (DA) will release ₱150 million in fuel subsidies within 1 to 2 weeks. Eligible farmers will receive ₱5,000, while fishers will get ₱3,000.
The sudden crisis has reignited calls to review the 1998 Downstream Oil Industry Deregulation Act. Secretary Garin supports amending the law to increase penalties for price manipulation and to give the government “intervention powers” during prolonged price spikes.
The massive price adjustment expected on Tuesday, March 10, follows 10 consecutive weeks of oil price increases, now exacerbated by the conflict involving the U.S., Israel, and Iran.