DOE probes closure of over 400 gas stations for possible hoarding, profiteering

The Department of Energy (DOE) said Tuesday it is now investigating the closure of more than 400 fuel retail stations for possible hoarding or profiteering.

“The oil management bureau is now investigating why these gas stations closed down,” DOE Undersecretary Felix William Fuentebella said at a virtual press briefing.

The Philippine National Police (PNP) said Monday that the number of closed fuel stations has increased to 403, out of a total of 14,313 stations across the country. This comes amid rising petroleum prices due to the oil crisis resulting from supply constraints brought about by the US-Israel war against Iran.

Fuentebella said the DOE is determining if hoarding or profiteering is involved in the closure of hundreds of fuel stations.

“That’s what our OIMB (Oil Industry Management Bureau) is checking. If we find it unreasonable, there will be temporary or permanent revocation of the certificate of compliance,” he said.

Earlier, the PNP said it has intensified monitoring of gasoline stations that have reportedly stopped operations. 

The PNP also expressed concern about possible hoarding and price manipulation.

“We in the PNP fully understand the situation that gas station owners face amid the challenges brought by the situation in the Middle East,” PNP chief General Jose Melencio Nartatez Jr. earlier said.

“But if the sudden closure is for an illegal scheme, then expect police action on this matter,” added Nartatez. 

Fuentebella, meanwhile, said that the DOE’s objective is “making sure that supply is available on the ground and that they operate fairly to ensure the availability of our products.” —KG, GMA Integrated News