Consumers should prepare for another increase in fuel prices starting Tuesday, June 17, as the Department of Energy (DOE) forecasts a probable uptick based on early trading indicators.
Rodela Romero, Assistant Director of the DOE Oil Industry Management Bureau, disclosed in an interview that global market trends signal a price adjustment upward. Citing data from the first two trading days of the week at the Mean of Platts Singapore—Asia’s benchmark for fuel pricing—Romero indicated a potential increase of up to nearly one peso per liter.
“At present, the price direction is upward. Based on early week trading, the increase could be less than P1 per liter,” Romero stated on the program Bagong Pilipinas Ngayon. However, she emphasized that the final price adjustment depends on the week’s overall average trading price, which will be finalized after Friday’s market close.
Several international developments are driving this expected price surge. Romero pointed to escalating geopolitical tensions, notably the Russia-Ukraine conflict and ongoing nuclear negotiations between the United States and Iran, as key contributors.
“These increases are largely attributed to geopolitical factors, including the escalating Russia-Ukraine conflict and the US-Iran nuclear deal,” Romero explained.
Other influential elements include anticipated higher demand due to ongoing US-China trade talks and a significant decline in US commercial oil inventories.
“There are US-China trade talks expected to boost demand, and a substantial drop in US inventory is another factor,” she added.
The peso-dollar exchange rate also plays a crucial role in determining local fuel prices, according to Romero.
In response to rising prices, the DOE reassures the public that it continues to implement measures aimed at protecting consumers. Regular compliance checks ensure that fuel quantities and quality meet standards, guaranteeing buyers get exactly what they pay for.
“We conduct regular inspections to verify quantity and quality standards. When you purchase one liter, you should receive one liter,” Romero affirmed.
She encouraged consumers to exercise their power of choice by comparing prices across gas stations, especially in areas experiencing price competition.
“Consumers should choose gas stations offering lower prices. Some areas even have price wars,” she noted.
Romero also highlighted that oil companies sometimes roll out discounts or promotions as part of their corporate social responsibility efforts.
Regarding potential price manipulation, Romero assured that the DOE, alongside the Department of Justice, actively monitors the market through a dedicated task force to prevent abuses in the deregulated environment.
“We have a DOE-DOJ task force to ensure no abuse occurs despite deregulation,” she said. The public is urged to report suspected unfair trade practices to the Philippine Competition Commission.
Moreover, the DOE coordinates with other agencies such as the Department of Agriculture and Department of Transportation to implement price mitigation programs. These include subsidies for farmers, fisherfolk, and public transport drivers.
“We issue a trigger certification when crude oil prices exceed $80 per barrel to activate mitigation efforts,” Romero explained.
The DOE remains committed to strict monitoring and inspection of oil facilities—from bulk storage terminals to retail outlets—to uphold compliance with fuel quality and quantity standards.
