Local fuel retailers agree to delay full impact on consumers
Major domestic fuel retailers will implement staggered increases in fuel prices beginning today, June 24, in response to a Department of Energy (DOE) request to cushion the impact of surging global oil costs on Filipino consumers.
Petron, Shell and Seaoil will raise pump prices from 6 am Tuesday by P1.75 per liter for gasoline, P2.60 for diesel, and P2.40 for kerosene, followed by a second round of similar hikes on Thursday, June 26.
Jetti is also raising fuel prices in a similar manner, except for kerosene.
Clean Fuel will also raise its gasoline price by P1.75 per liter and diesel by P2.60 from 8:01 am Tuesday.
However, Clean Fuel said it may implement the second half of its price hike by Friday, June 27, to give motorists additional leeway in absorbing the increase.
If not for the staggered payment program agreed between the DOE and local oil companies, per liter increases will all be implemented today, June 24, by P3.50 for gasoline, P5.20 for diesel and P4.80 for kerosene.
Without the phased approach, fuel price increases would have reached P3.50 for gasoline, P5.20 for diesel, and P4.80 for kerosene in a single adjustment today.
In a statement, the DOE said the move came after an emergency meeting with oil industry players on Monday, June 23, as tensions in the Middle East — including US airstrikes on Iranian nuclear sites during the weekend — triggered market volatility and speculative trading.
“Our dialogue with industry players reflects a shared commitment to balance economic realities with the need to shield our people from sudden price shocks,” DOE officer-in-charge Sharon Garin said. “We are pleased that they have responded positively to our request.”
Garin added that she is set to meet today with the Departments of Transportation and Agriculture to coordinate the rollout of targeted fuel subsidies for public transport drivers and farmers, in case global crude prices breach $80 per barrel. Dubai crude stood at $75.16 per barrel as of Monday.
Energy Undersecretary Alessandro Sales said the DOE is closely tracking international price benchmarks and the peso’s exchange rate, urging firms “to exercise prudence in passing on cost changes.” He noted the recent volatility is “largely driven by speculative sentiment, not actual supply disruption.”
The average retail prices as of June 23 stood at P55.90/liter for gasoline, P53.40 for diesel and P70.22 for kerosene.
Jetti Petroleum’s Ike Aseoche, who attended the meeting, confirmed that most firms agreed to stagger price increases. “The price change shall have a minimum of two increments — say Tuesday and Friday on a 50:50 basis — but companies may opt for more steps,” he said.
The DOE required all companies to submit their implementation schemes by 6 pm Monday. Most firms complied ahead of the deadline.
Present during the meeting were Petron, Shell, Caltex, Jetti, PetroGazz, Insular, Phoenix, PTT, Seaoil, Total, Unioil, Filpride and Clean Fuel.
Garin also urged firms to expand retail stations offering discounts to public utility vehicles, adding that further discussions will take place on Wednesday, June 25.
Meanwhile, the DOE reiterated that it continues to enforce mandatory inventory requirements and is preparing to activate fuel subsidy programs in coordination with other agencies.
Motorists are advised to conserve fuel by carpooling, keeping tires properly inflated, and avoiding unnecessary idling.
