DOE eyes sustained interventions vs. oil price shocks

The Department of Energy (DOE) said the country’s response to oil market disruptions linked to developments in the Middle East are expected to stabilize supply, protect consumers, and accelerate the shift toward alternative energy sources.

In a media statement on Thursday, the agency said the Asian Development Bank (ADB) recognized the country’s implementation of seven of the eight major policy measures identified by the multilateral lender to curb the impact of global market uncertainty and volatile fuel prices.

According to the DOE, these measures were intended to help stabilize fuel supply, protect vulnerable sectors, and strengthen the country’s energy security amid elevated global crude oil prices and possible supply disruptions.

“Price volatility does not affect all Filipinos equally. That is why the government pursued layered interventions to provide direct relief to vulnerable sectors, while also strengthening fuel inventories and supply buffers to ensure the continued availability of petroleum products,” Energy Secretary Sharon S. Garin said.

The government rolled out a series of interventions that included fuel assistance for jeepney and tricycle drivers, farmers, and fisherfolk; the temporary suspension of excise taxes on LPG and kerosene under Executive Order No. 114; staggered fuel price adjustments coordinated with oil companies; and intensified price monitoring.

The DOE, through the Philippine National Oil Company–Exploration Corp., also secured additional fuel supply to strengthen the country’s petroleum buffer amid concerns over supply disruptions and elevated global crude prices.

The government also implemented energy conservation programs, transport demand management measures, remote work arrangements, and supply continuity initiatives to help maintain stable access to energy.

“The Philippines remains structurally vulnerable because of its heavy dependence on imported fuel. This is why the DOE continues to accelerate renewable energy development, expand indigenous energy sources, and strengthen emergency response frameworks,” Garin said.

The department said long-term energy security efforts remain focused on expanding renewable energy capacity, developing indigenous energy resources, and strengthening regional energy cooperation as part of efforts to reduce the country’s exposure to global oil market volatility.