Manila: The Department of Energy (DOE) is closely monitoring movements in domestic fuel prices amid global developments, particularly tensions in the Middle East, Malaca±ang said Thursday. Speaking to reporters, Palace Press Officer Claire Castro said the government has been tracking oil price fluctuations since the onset of the crisis to ensure compliance with international market-based pricing mechanisms.

According to Philippines News Agency, Castro said the DOE remains vigilant following the directive of President Ferdinand R. Marcos Jr. to ensure close oversight of oil price movements. 'Iyan na po ang inuutos ng Pangulo sa DOE. At tayo naman po, according to DOE, ang presyo po ng ating fuel ay base lamang sa international market price (That is what the President has instructed the DOE to do. And according to DOE, our fuel prices are based solely on international market prices),' she said.

The statement, when asked if the Philippines would follow the United States' move to investigate alleged gasoline price gouging of major oil companies amid the Middle East crisis. Castro assured the public that the government continues to monitor global oil market movements and their impact on domestic fuel prices.

She added that the DOE continues to monitor compliance with pricing regulations and may take appropriate action against any violations. She said a show cause order may be issued, when necessary. 'At ito po ay tinututukan ng DOE at nabanggit na rin po natin noon na kapag ka po lumalabag ay nagbibigay po sila ng show cause order (And this is being closely monitored by the DOE, and as we have mentioned before, when there are violations, they issue a show cause order),' Castro said.

Oil firms implemented a big-time price rollback on Tuesday, with gasoline prices dropping by PHP3.90 to PHP5.90 per liter, diesel by PHP9.04 to PHP11.04 per liter, and kerosene prices by PHP9.82 to PHP11.82 per liter.