DOE warns vs profiteering, hoarding of petroleum products

The Department of Energy (DOE) is working with the Department of the Interior and Local Government (DILG) and the Philippine National Police (PNP) to intensify monitoring against possible hoarding and profiteering in the sale of petroleum products amid the ongoing conflict in the Middle East.

In an advisory, the DOE said it has received initial reports and evidence indicating potential irregularities in fuel supply and retail practices in Luzon and Mindanao, which are currently being validated and consolidated.

“We will not tolerate any attempt to take advantage of the current sitution at the expense of Filipino consumers,” Energy Secretary Sharon Garin said Thursday.

“Under the directive of President Ferdinand R. Marcos Jr., the government is pursuing a whole-of-government approach to protect the public and maintain orderly fuel supply and distribution,” she added.

This comes as global oil prices have continued to increase amid the ongoing conflict in the Middle East, with oil industry sources expecting a big-time pump price hike in the coming week.

Under Republic Act 7581 or the Price Act, hoarding and profiteering related to kerosene and liquefied petroleum gas (LPG) are illegal acts of price manipulation and are punishable of fines and imprisonment.

“In support of protecting consumers, concerned reports are encouraged to take photos or videos and include key details such as the gasoline station name, exact location, date and time of incident, posted prices, and receipts,” the DOE said.

“The DOE likewise reminds the public to exercise caution in sharing unverified information and to rely only on official advisories from the DOE and other authorized government agencies for accurate updates,” it added.

The Energy Department said complaints may be filed through the government hotline 8888, the DOE Consumer Welfare and Promotion Office at 8840-2267, the DOE official Facebook Messenger, or via email at mcwpo@doe.gov.ph.

The DOE said prices could be hiked further due to global developments such as the closure of the Strait of Hormuz, a key global shipping corridor. The agency said it will appeal to firms to stagger the implementation of hikes starting next week.

Marcos earlier in the week said the country has a stockpile of approximately 50 to 60 days worth of petroleum products, with the country having other sources that can be considered as potential supplies. — Jon Viktor D. Cabuenas/RSJ, GMA Integrated News