DOE debunks ‘projected big-time oil price hike’ for next week

MANILA: A day ago, rumors circulating on social media suggested that motorists might face a major price hike on fuel products next wee, following  the tension in the Middle East.

Based  on numerous posts seen online, retail prices could go as high as P10 per liter — raising speculation about the possible effects should it be true. 

However, the Department of Energy (DOE) downplayed the supposed big-time pump price increase, stating that the numbers did not come from them. 

Based on the clarification issued on its official Facebook page, the energy department clarified that official price estimates are only released after a careful and thorough analysis of data from the global market. 

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The entire trading week (Monday to Friday) is reviewed before providing any official guidance.

With that, the DOE said the estimate released as of Monday is neither official nor confirmed. 

Meanwhile, President Ferdinand Marcos Jr. earlier assured the country has enough oil supply, claiming the stockpile can last for 50-60 days.

“Nais kong tiyakin sa lahat na may sapat tayong suplay ng langis…Kaya, maayos tayo sa loob ng panahong iyon (Let me assure everyone that we have a sufficient supply of oil…So, we are okay for that period of time),” he said in a press conference.

Marcos said that the reserve can go: 

• Diesel: 50.5 days
• Gasoline: 51.5 days
• Liquefied petroleum gas: 29 days
• Kerosene: 67.5 days

The chief executive of the land added that additional measures that could help slow down the possible price increase include the release of fuel subsidies for the transportation and agricultural sectors.

Further, he also ordered government agencies to implement energy saving measures amid the ongoing tension in the Middle East. 

This prompted DOE Secretary Sharon Garin to issue an advisory, stating that all national government agencies, government-owned or controlled corporations (GOCCs), state universities and colleges, and local government units must cut fuel consumption by at least 10 percent.

“In light of the recent global situation and the uncertainty in petroleum supply brought about by the ongoing conflict in the Middle East, the Department of Energy (DOE) is adopting a proactive and collective measure to safeguard the country’s energy security,” the advisory stated.

Aside from that, the energy secretary encouraged government entities to mandate fuel-efficiency and conservation measures in their offices and facilities.

Among the fuel conservation practices that the DOE urged agencies to do are:

• Regular and preventive vehicle maintenance
• Standardized vehicle monitoring system
• Full-tank method for precise measurement of vehicle fuel efficiency
• Optimized trip management
• Phased transition to electric or hybrid vehicle
• Fuel-efficient driver behavior
• Submission of monthly consumption reports

Last Tuesday, local oil players jacked up the retail prices of gasoline by P1.90 per liter, diesel by P1.20 per liter, and kerosene by P1.50 per liter.

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