Energy Secretary Alfonso Cusi calls on consumers to refrain from profligate use of electricity, more so now when oil prices are seen trending up. contributed photo

The Department of Energy (DoE) calls on consumers to engage in the deliberate and prudent use of energy as the latest round of adjustments in oil prices in the world market again raised the price of petroleum products in the country.

It is in times like this that we should do our roles, from consumers to industry players, to be of service to one another

The surplus in oil production in 2018 was the result of anticipated US-led economic sanctions against Iran that pushed members and non-members of the Oil Petroleum Exporting Countries to ramp up production to make up for an expected shortage of oil.

To the surprise of many, the sanctions were not imposed and instead a six-month waiver was implemented, causing an excess supply in the market. This accounted for lower prices.

To correct the surplus supply, oil-producing countries have agreed to cut back on production to bring both oil supply and prices to normal. However, recent political events in Venezuela, along with the waiving on the sanctions on Iran expiring in April, caused prices to steadily increase affecting the local market.

Secretary Alfonso Cusi said, “We are imploring the public to be conscious of their energy and fuel usage, especially during these times, as world oil prices are steadily climbing to high levels due to economic and geopolitical factors which we are bound to experience as an oil importing country. But even if oil prices go down, it is imperative that we embrace the efficient way of using our energy resources.”

He added: “We would like to remind fellow Filipinos that we are responsible for our individual actions. If we come together with the common goal of energy conservation through energy efficiency, we can achieve a lot in terms of immediate in-pocket savings and energy sustainability in the long term.”

As part of its initiatives that will provide sufficient energy sources and guide lawmakers in examining the current policies that may affect the DoE’s plans and programs, the department consulted oil industry players on a policy for more information and unbundling for items that affect the prices of petroleum products.

“It is in times like this that we should do our roles, from consumers to industry players, to be of service to one another. We are seeking everyone’s cooperation as the government works to address the nation’s energy needs. We aim for transparency at every turn so that we can give the people the best products for their value,” Cusi said.