Joselito Malig

Article (news)

Dennis Gasgonia

ABS-CBN News

The Department of Energy on Thursday said it is closely monitoring the downstream oil industry following reports of possible hoarding and profiteering in the sale of petroleum products.This is amid the ongoing war in Iran, which is expected to affect the country&#x27;s oil supply.The DOE said that based on Republic Act (RA) No. 7581, or the Price Act, hoarding and profiteering considered as price manipulation and are punishable of fine and imprisonment.<div><a href="https://www.abs-cbn.com/news/business/2026/3/5/oil-crisis-plan-staggered-price-increases-excise-tax-cuts-4-day-work-week-1009">Oil crisis plan: Staggered price increases, excise tax cuts, 4-day work week</a></div>&quot;Presidential Decree No. 1865, signed on May 23, 1983, which amends Batas Pambansa Blg. 33 also strengthens penalties for illegal acts involving petroleum products in the Philippines,&quot; said the DOE.The law addresses oil supply insecurity by penalizing short selling, adulteration, hoarding, overpricing, and misuse of allocations with fines, imprisonment, and product forfeiture.The DOE said it is now coordinating with the Department of the Interior and Local Government (DILG) and the Philippine National Police (PNP) to ensure immediate action against violators.The agency said its field offices in Luzon and Mindanao have already submitted initial reports indicating potential irregularities in fuel supply and retail practices. “We will not tolerate any attempt to take advantage of the current situation at the expense of Filipino consumers,&quot; said Energy Secretary Sharon Garin.<div><a href="https://www.abs-cbn.com/news/nation/2026/3/4/marcos-to-certify-as-urgent-special-powers-to-cut-fuel-tax-palace-1456">Marcos to certify as urgent ‘special powers’ to cut fuel tax — Palace</a></div>The DOE is also asking consumers and the public to promptly report any suspected incidents of hoarding, refusal to sell, price manipulation, or profiteering to the DOE through its Oil Industry Management Bureau, Consumer Welfare and Promotion Office, and Field Offices.Consumers may file complaints through the government hotline 8888, the DOE Consumer Welfare and Promotion Office telephone number 8840-2267, the Department of Energy Official Facebook Messenger, or via email at cwpo@doe.gov.ph.The DOE also reminded the public to exercise caution in sharing unverified information and to rely only on official advisories from the DOE and other authorized government agencies for accurate updates.

The Department of Energy on Thursday said it is closely monitoring the downstream oil industry following reports of possible hoarding and profiteering in the sale of petroleum products.

The Department of Energy on Thursday said it is closely monitoring the downstream oil industry following reports of possible hoarding and profiteering in the sale of petroleum products.

DOE warns vs profiteering, hoarding of fuel products amid Iran crisis

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DOE warns vs profiteering, hoarding of fuel products amid Iran crisis

Dennis Gasgonia,

ABS-CBN News

Published March 05, 2026 08:56 PM PHT

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DOE

Fuel Products

Iran

War

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