Oil price adjustments this week will be implemented on a staggered basis, the Department of Energy (DOE) announced Monday, June 23.
This comes after oil companies agreed with the DOE’s request to gradually adjust their prices. RH Jecelle Ricafort reported that the scheduled price adjustments will begin on Tuesday, June 24.
According to the DOE-Oil Industry Management Bureau Director Rino Abad, oil companies would also submit their implementation schemes, including the breakdown of the staggered adjustments, later at 6:00 PM.
“The scheduled price adjustments for this week will be implemented on a staggered basis. Oil companies will submit their implementation scheme, including the breakdown of the staggered adjustments, to the DOE no later than 6:00 PM today,” the DOE stated.
Meanwhile, DOE Secretary Sharon Garin said this decision is a collective goal among officials to balance the current economic realities. Moreover, Garin said it would also aid the public with the oil price hike amidst the continuous conflict between Israel and Iran.
In an interview with DZRH’s Damdaming Bayan on Monday, the DOE Oil Industry Management Bureau Assistant Director Rodela Romero mentioned that the agency is continuously monitoring the oil supply to ensure that the country has sufficient stocks.
The agency will also meet with officials from the Department of Transportation (DOTr) and the Department of Agriculture (DA) to discuss the fuel subsidy for public sector drivers and local farmers, if it reaches $80 per barrel.
