The Department of Energy (DOE) is considering a return to stricter weekly fuel price guidance as renewed volatility in global oil markets prompts the agency to tighten its monitoring of pump price adjustments despite the country's deregulated downstream oil industry.

Energy Secretary Sharon S. Garin said the DOE is reviewing its practice of issuing a range of projected weekly fuel price adjustments and may instead revert to providing a single recommended adjustment to better monitor retail prices and strengthen consumer protection.

"We shifted to a range because we thought that, with the agreement, prices would stabilize. But based on our observations this week and last week, they still seem to be volatile," Garin said during a media briefing on Monday.

"So, we decided to be stricter with the pricing so we can monitor it better and provide greater protection to our fellow Filipinos whenever they buy gasoline or diesel," she added.

For the pricing week beginning Tuesday morning, the department said diesel prices are allowed to rise between P2.62 and P4.62 per liter and kerosene between P2.22 and P4.22 per liter, while gasoline prices may either fall by P1.00 per liter or increase by P1.00 per liter. 

While the downstream oil industry remains deregulated under the Oil Deregulation Law, the country remains under a state of national energy emergency, which allows the DOE to issue weekly guidance on expected fuel price adjustments and closely monitor whether pump price movements are consistent with international market trends.

"If prices are still volatile, we don't want any abuse. That's why it's easier for the DOE to monitor and control if there is only one definite prescribed price adjustment instead of a range," she said.

"We're not saying that the range has been abused, but having a specific number is better for consumer protection and for monitoring," Garin added.

Separately, Garin expressed support for the Senate inquiry led by Senator Risa Hontiveros into rising electricity charges, saying greater scrutiny would help ensure utilities comply with existing regulations.

"We very much welcome the probe by the good senator. We really need that. We should always be vigilant when it comes to the decisions of our public utilities," she said.

"It helps in monitoring and policing. This is not to say that any distribution utility, electric cooperative, or any of our stakeholders is guilty. But a probe will help ensure that everyone is following the policies and the regulations of the ERC. It will also help us improve our policies and regulations."

Asked whether the DOE supports the investigation, Garin replied: “We're very supportive of the probe so people can better understand what is happening. If there are policies or regulations that need to be improved, that will also help us provide better service to our constituents."