DOE appeals: Stagger price hikes in case of sudden spikes amid Israel-Iran tensions
The Department of Energy (DOE) is on alert as global petroleum prices rise amid the escalating tensions between Israel and Iran and is now implementing proactive and targeted measures to shield the economy and Filipino consumers.
'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,' DOE Officer-in-Charge (OIC) Sharon Garin said in a statement on Tuesday.
'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. Through close coordination with the oil industry and strict monitoring of inventory levels, we are working to maintain energy security while preparing targeted interventions to support the most affected sectors,' Garin added.
Thus, the Energy Department appealed to industry players to 'implement staggered fuel price adjustments, especially in cases of sudden and significant spikes in global oil prices, in order to cushion the impact on local consumers.'
As of June 16, the price of Dubai crude reached $73 per barrel, according to the DOE.
With this, the Energy OIC said the government is prepared to roll out fuel subsidies to sectors directly impacted by fuel price increases, specifically transport and agriculture.
Fuel subsidies are aimed to prevent a domino effect that could drive up the cost of basic goods and services.
Under existing policy, fuel subsidies for public transport drivers and farmers are automatically activated when the price of Dubai crude breaches $80 per barrel.
The 2025 General Appropriations Act (GAA) provides an allocation of P2.5 billion through the Department of Transportation for fuel subsidies to drivers of public utility vehicles, taxis, ride-hailing services, and delivery platforms nationwide.
Meanwhile, the Department of Agriculture has an allocation of P585 million to support farmers and fisherfolk in the agricultural sector who may be adversely affected by rising fuel costs.
Garin said the DOE will continue to monitor and analyze real-time global energy market data to inform timely, evidence-based policy responses.
Oil companies are currently mandated to maintain at least a 30-day inventory of crude oil and a 15-day inventory of finished petroleum products. — BAP, GMA Integrated News
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
GMA Network
2 hours ago
- GMA Network
21 PH gov't officials stranded in Israel arrive in PH
The 21 Filipino government officials who got stranded in Israel amid tensions with Iran arrived in Manila on Saturday morning. The officials — 17 local government officials who attended an agricultural technology training and four dairy industry specialists of the Department of Agriculture — were met at Ninoy Aquino International Airport Terminal 3 by Department of the Interior and Local Government Secretary Jonvic Remulla. Of the 17 officials, two were congressmen, nine mayors, four vice mayors, and two regional directors. It was an emotional homecoming for the stranded officials, as seen in a video taken by GMA Integrated News reporter Bea Pinlac. Israeli Ambassador to the Philippines Ilan Fluss earlier said the 21 Filipinos were attended to by the Israeli government. "All of them have been taken care of by the Israeli government, and we are also looking for ways to send them back to the Philippines. This is our responsibility and our commitment… I can tell you that they are getting fed, lodging, and whatever they need. We are catering for, and I know that they are doing fine. Of course, it's not a pleasant situation,' Fluss said. Agriculture Secretary Francisco "Kiko" Tiu Laurel Jr. earlier said the stranded Filipinos were fearful as their hotels were bombed. The officials took a land trip to Jordan, then went to Dubai for the flight back to Manila. —KG, GMA Integrated News
GMA Network
12 hours ago
- GMA Network
PH raises alert level 3 in Israel and Iran, orders voluntary repatriation
A drone photo shows the damage over residential homes at the impact site following missile attack from Iran on Israel, in Tel Aviv, Israel, June 16, 2025. REUTERS/ Moshe Mizrahi The Philippine government on Friday raised crisis alert level 3 in Israel and Iran, urging Filipino workers there to avail of voluntary repatriation amid ongoing armed hostilities between the two Middle Eastern countries. Filipinos there should consider getting themselves and their dependents repatriated to avoid getting caught in the middle of ongoing clashes, the Department of Foreign Affairs (DFA) said in a statement. Crisis level 3 or voluntary repatriation phase is imposed by the Philippine government on countries with deteriorating security conditions. At least 30,000 workers, mostly caregivers, are in Israel, and more than 1,000 are in Iran. "All overseas Filipinos in Israel and Iran are enjoined to return to the Philippines," the DFA said. "Travel by Filipinos to both these countries is highly discouraged due to the ongoing crisis and the actual closure of their airspace and seaports." Those who wish to leave were advised by the DFA to contact the embassy to coordinate their repatriation. Security alert advisories, the DFA said, "will be subject to periodic review, taking into consideration the situation on the ground." Israel and Iran have traded missile strikes for a week, trapping civilians and foreign nationals on both sides of the conflict, triggering international alarm. ''The Department hopes that parties will cease hostilities soon," the DFA said. — VBL, GMA Integrated News
GMA Network
13 hours ago
- GMA Network
NRDC chief urges climate partnership at Cebu forum
At the Climate Solutions Forum in Cebu on June 18, 2025, new Natural Resources Development Corporation (NRDC) President and CEO Benjamin Turgano delivered his first policy speech, urging local governments, universities, and businesses to unite behind a bold plan for regenerative development. The event was organized by the European Chamber of Commerce of the Philippines (ECCP) in partnership with the German Embassy Manila, where around 80 leaders from government, local businesses, embassies, and German companies gathered. It aimed to showcase real-world solutions in clean energy, circular economy, and climate resilience. In his speech, Turgano said the Philippines sits at a defining moment for environmental action. 'We convene today at a critical inflection point in our nation's and the world's ecological and development history… to re‑imagine, re‑calibrate, and re‑commit to the singular goal of safeguarding life while enabling prosperity,' he said. Turgano unveiled a 'Seven‑Pillar Convergence Agenda' to guide long-term climate solutions across regions. These pillars serve as anchors for cross‑sectoral partnerships that leverage science, policy, and community empowerment,' he said. The plan pushes for deeper regional action in areas such as carbon trading, clean energy micro‑grids, coastal resource stewardship, watersheds, mine site recovery, waste-to-energy infrastructure, and green business incubation in schools. He highlighted the importance of public lands as places that both earn revenue and restore nature. 'Every peso invested in public lands is not only generating financial return, but simultaneously producing ecological goods, restored soil fertility, flood control, water security, carbon sequestration, habitat restoration, biodiversity recovery, and community resilience,' he said. Turgano also proposed a 'National Coalition for Sustainability and Regeneration' to turn short-term projects into long-lasting, measurable collaborations among all sectors. 'What we are confronting is not merely an environmental challenge. It is a profound test of our national character… Will we finally rise to become what our people have always had the capacity to be? A nation whose prosperity flows not from depletion, but from renewal,' he said, The forum also spotlighted Cebu's role as a key economic center outside Manila. Turgano urged Visayas and Mindanao to lead by example. 'We know that the tools exist. That the science is already here. That technologies are emerging… That people are ready to participate,' he said, His message: Regions must champion regenerative growth, and combining economic opportunity with ecological stewardship. 'Sustainability requires sustained efforts and sustained alliances. Again, we humbly invite you. Let us embrace the Seven Pillar Convergence Agenda and help establish the National Coalition for Sustainability and Regeneration… In the name of the Filipino people… let us build the regenerative republic and let us build a better world,' he said.
