Saturday, June 1, 2019

Statement of DOE SAGC on the Revised Guidelines for the Monitoring of Prices in the sale of Petroleum Products by the Downstream Oil Industry

Wazzup Pilipinas!

Consistent with the mandate of the Department of Energy on effective data-driven policymaking, as well as ensuring greater market transparency, we have amended our guidelines for the reporting of price adjustments by oil companies in the downstream oil industry in the Philippines.

In accordance with existing guidelines, oil companies will continue to report to the DOE any adjustments in the retail prices of gasoline, automotive and industrial diesel, kerosene, jet fuel and aviation gas, and household and automotive liquefied petroleum gas (LPG).

Under the new guidelines, oil companies will also be required to report their “unbundled price adjustments” to include import costs, tax burdens, biofuel costs and other essential cost components that contribute to the changes in retail prices.

These enhancements will provide the DOE and other relevant government agencies with the necessary data to formulate proactive and appropriate policy initiatives for the benefit of consumers and the downstream oil industry. Furthermore, the data provided will support the Department of Energy-Department of Justice (DOE-DOJ) Task Force investigations on reported incidents of anti-competitive behavior.

Rest assured that the utilization of the data collected will be subjected to the strict confidentiality requirements under the Downstream Oil Industry Deregulation Act, the Freedom of Information Act, and the Philippine Competition Commission laws.

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