As oil prices are expected to continue to increase amid the Ukraine-Russia crisis, Energy Secretary Alfonso Cusi on Tuesday called on consumers to do their part by conserving fuel products.
“What is our control? Let’s put it this way, what’s in our control as a consumer is conservation. That is in our hands. (We may) lessen our trips,” Cusi said at a virtual press briefing on Tuesday.
The Energy chief added that if demand for fuel goes down due to consumers’ conservation and efficient consumption efforts, oil companies will be compelled to regulate their own pricing.
“The demand here in the Philippines must also go down… oil companies, they will be forced to regulate their oil pricing. That's the law of supply and demand. What is within our hands is the efficient use of energy, there I encourage you,” Cusi said.
This week, fuel firms implemented the biggest price hike on petroleum products so far this year.
Oil companies imposed a P5.85 hike per liter of diesel, P3.60 per liter of gasoline, and P4.10 for every liter of kerosene.
Despite the rising prices, the Department of Energy (DOE) said Monday there is no problem with the supply of fuel products coming into the country, adding that the problem lies in its prices.—AOL, GMA News