Manila: The Department of Energy (DOE) has submitted a certification to economic managers confirming that Dubai crude prices have breached the USD80 per barrel threshold for a month, a requirement for the suspension or reduction of excise taxes on petroleum products. Energy Secretary Sharon Garin announced in an online briefing on Tuesday that the average price of Dubai crude oil from Aug. 13 to Sept. 11, 2026, stood at USD99.41 per barrel.
According to Philippines News Agency, another steep round of domestic fuel price hikes is expected this week. Gasoline prices are set to increase by PHP5.68 per liter, diesel by PHP4.31 per liter, and kerosene by PHP5.62 per liter. Under Republic Act (RA) 12316, the Philippine president, upon the recommendation of the Development Budget Coordination Committee (DBCC), is authorized to order the partial or full suspension of excise taxes on petroleum products if Dubai crude prices exceed USD80 per barrel for a full month prior to the issuance of the tax suspension or reduction.
Garin said it is now up to the DBCC to decide how to act on the DOE's recommendation. "This is a step forward in protecting our motorists, and we'll continue pushing for consumer relief amid the Middle East crisis in coordination with our economic managers," she said.
Citing renewed military actions between the U.S. and Iran, alongside developments in surrounding areas, Garin said oil prices are projected to rise further in the coming weeks. "And our forecast on this is this will stay for a long time," she said.
Amid the oil price upticks, the DOE chief assured the public that the domestic fuel supply held by oil companies remains well above regulatory requirements, which mandate a 15- to 30-day inventory. "Currently, the average for the entire country is about 50 days - more than 50 days," she said. "This level of inventory has been maintained and even increased since the start of the Middle East conflict."
Garin added that DOE personnel continue to inspect gasoline stations to ensure that no retailers are taking advantage of the situation by arbitrarily jacking up prices.
