Oil firms to implement staggered adjustments on fuel prices

Metro Manila, Philippines - Fuel price adjustments this week will be on a staggered basis, the Department of Energy (DOE) said, following a meeting with oil industry players on Monday, June 23.

A substantial price hike was expected in light of the Israel-Iran conflict that could potentially disrupt global supply.

"Oil companies will submit their implementation scheme, including the breakdown of the staggered adjustments, to the DOE no later than 6:00 PM today (June 23)," the DOE said.

Based on the four-day trading data alone on Friday, the DOE said gasoline prices may go up by P3 per liter, while over P4 per liter for diesel and kerosene.

Energy officer-in-charge Sharon Garin also urged firms to "increase the number of their retail stations offering fuel discounts to the transport sector."

The DOE said this will be discussed during individual meetings with the companies on Wednesday.

Garin will meet with transport and agriculture officials on Tuesday to discuss the "timely" rollout of fuel subsidies for public transport drivers and operators, farmers, and fisherfolk.

The fuel subsidies will be triggered once the average price of crude oil breaches $80 per barrel. As of Monday, Dubai crude oil averages $75.16 per barrel, the DOE said

The DOE also encouraged the public to practice fuel conservation such as carpooiling, avoinding unnecessary idling, observing correct tire pressure, and regular vehicle maintenance.