The Department of Energy (DoE) is considering revamping the fuel price adjustment process to reduce the risk of oil companies incurring losses during emergencies, Energy Secretary Sharon S. Garin said. Speaking to reporters, Garin disclosed that the agency is weighing a step back from its current "emergency level of supervision" over pump-price adjustments but will retain measures to protect consumer interests, as reported by BusinessWorld .
Under the current framework, the DoE closely monitors and regulates price changes to prevent excessive hikes, but Garin noted that this rigid oversight can sometimes delay necessary adjustments, exposing oil firms to potential losses when global prices spike. The proposed revamp aims to strike a balance between ensuring market stability and allowing companies to respond swiftly to cost fluctuations without compromising consumer welfare.
Industry stakeholders have welcomed the potential reform, saying it could reduce financial strain on retailers while maintaining transparency. The DoE is expected to release a detailed plan after consultations with oil companies and consumer groups, with implementation targeted before the next major price surge.