The Department of Energy (DOE) warned that individuals and businesses taking advantage of rising fuel prices through hoarding and profiteering will face legal consequences, as the agency intensifies monitoring of petroleum supply and retail practices, as reported by RH Jecelle Ricafort.

The DOE said it is closely watching possible hoarding and profiteering in the sale of petroleum products following a series of oil price increases.

The agency received initial reports and pieces of evidence from its field offices in Luzon and Mindanao indicating possible irregularities in fuel supply and retail practices. Authorities are currently verifying the reports as part of a case build-up against potential violators.

To ensure swift enforcement, the DOE has sought assistance from the Department of the Interior and Local Government (DILG) and the Philippine National Police (PNP) in addressing suspected violations.

Energy Secretary Sharon Garin emphasized that under the Price Act of the Philippines and Presidential Decree No. 1865, hoarding, overpricing, adulteration, and other forms of manipulation of petroleum prices and supply are illegal and punishable by fines and imprisonment.

Garin warned that the government will not tolerate any attempt to exploit consumers, especially as tensions and instability in the Middle East continue to affect global oil markets.