DOE issues warning vs hoarding, profiteering amid fuel price swings

DOE warns against fuel hoarding and profiteering amid price volatility

Just days after the U.S. and Israel launched strikes against Iran, the impact is already being felt in countries like the Philippines, which rely heavily on Middle East fuel imports. While the last official fuel price hike was on Tuesday, March 3, and should not have adjusted until next Tuesday, March 10, some gas stations have taken matters into their own hands, with reports of prices already breaching PHP 75.00 per liter.

The Department of Energy (DOE) has issued a warning that hoarding, overpricing, and tampering with fuel are illegal under Philippine law, with violators facing fines and imprisonment under the Price Act (RA 7581, as amended by RA 10623) and Presidential Decree 1865.

In a recent announcement from the DOE, the agency has taken action against possible hoarding and profiteering in the sale of petroleum products, following reports of irregularities in supply and retail practices.

The DOE has also coordinated with the Department of the Interior and Local Government (DILG) and the Philippine National Police (PNP) to ensure immediate action against anyone found violating the law. Reports from DOE field offices in Luzon and Mindanao are currently being verified as part of the case build-up for possible enforcement action.

Energy Secretary Sharon Garin said that the government will not tolerate any attempts to take advantage of the current situation. Under the directive of the President, the DOE is strengthening measures to protect consumers and ensure a stable and sufficient fuel supply in the country.

To report any irregularities like fuel hoarding and profiteering, contact DOE through its official social media channels or call 02 8479 2900.