The Department of Energy (DOE) on Tuesday assured the public that the country’s fuel supply remains stable despite escalating tension between Israel and Iran, and the resulting pressure on global oil prices.
In a statement, the DOE emphasized that oil firms are mandated to maintain a minimum 30-day inventory of crude oil and a 15-day supply of finished petroleum products. Inspections of oil depots in Metro Manila are currently being conducted to ensure compliance.
“We are taking firm and proactive steps to protect the welfare of our people,” said DOE officer-in-charge Sharon Garin. “Our immediate priority is to ensure fuel stability and manage local price adjustments to minimize disruption to the economy.”
As geopolitical uncertainty continues to drive oil prices—Dubai crude reached US$73 per barrel as of June 16—the government is preparing financial support for sectors most vulnerable to fuel shocks. Under existing policy, fuel subsidies are triggered when oil prices exceed US$80 per barrel.
The 2025 national budget has earmarked ₱2.5 billion in fuel subsidies for public utility drivers, including taxis, ride-hailing vehicles, and delivery services. The agriculture sector, including farmers and fisherfolk, is also set to receive ₱585 million in aid.
Industry leaders echoed DOE’s caution. Jetti Petroleum Inc. president Leo Bellas noted a potentially significant hike in pump prices next week, warning of possible increases exceeding ₱2 per liter for gasoline and ₱3 per liter for diesel—depending on global trading outcomes. He added that prices could moderate if key Iranian oil infrastructure remains untouched.
Nonetheless, Bellas assured that local fuel inventories are sufficient and that Jetti is prepared to implement staggered price adjustments in coordination with the DOE, to ease the impact on consumers.
The DOE also stressed its longer-term initiatives to reduce oil dependence, including the electrification of public transport and the promotion of energy efficiency measures. These efforts aim to strengthen energy security and economic resilience amid ongoing global volatility.
Local fuel prices for the 3 to 9 June period in Metro Manila averaged ₱52.20 for gasoline (RON 91), ₱53.65 for diesel, and ₱68.42 for kerosene.
