DOE to roll out fuel subsidies amid Israel-Iran conflict

The Department of Energy (DOE) said that it is stepping up efforts to cushion the impact of geopolitical tensions in the Middle East on global fuel supply and demand.

- By GABRIELL CHRISTEL GALANG

DOE officer-in-charge (OIC) Sharon S. Garin, in a statement on Tuesday, June 17, emphasized the importance of a stable fuel supply for the local consumers. She cited supply monitoring and fuel subsidy rollout as key measures to help mitigate the effects of the on-going price surges.

Garin, alongside Energy Undersecretary Alessandro Sales, will conduct inspections of oil depots in Manila.

The DOE stated that oil companies are required to maintain at least a 30-day inventory of crude oil and a 15-day inventory of finished petroleum products.

The government is also seeking assistance from the industry players to implement staggered fuel price adjustments in case of sudden and larger price spikes on fuel.