Oil Cost Goes Up Incrementally -DOE

The Department of Energy (DOE) announced that fuel companies have agreed to implement their respective petrol price hike gradually in a bid to cushion adverse economic impact to Filipinos.

“We are pleased to report that they [representatives of oil firms] have responded positively to our request,” said DOE officer-in-charge Sharon S. Garin in a press release on 23 January 2025.

The inch-by-inch rise in petrol cost seeks to soften the brunt of sharp price increase in the domestic market, particularly, in transport services and agricultural commodities.

The energy department also asked the fuel firms to increase their retail stations offering fuel discounts to the transport sector.

Among the companies that acceded to the incremental oil price hike were Shell, Seaoil, Petron, and Caltex.

The big leap in petrol cost stemmed from the current armed conflict between Israel and Iran. Specifically, the two military powers exchange missile strikes, targeting infrastructure and martial camps.

Reports say that Iran produces 3.3 million barrels of oil a day, and the persisting aerial assault from which it suffers may dwindle its petrol exportation, resulting in depreciating oil supply worldwide, the Philippines—a heavy oil importer—not spared.

The DOE urged the public to take part in the government efforts in mitigating petrol-price-hike shocks through prudent practices such as car pooling and regular vehicle maintenance.