DOE Issues Revised Guidelines on Monitoring of Petroleum Prices by Downstream Oil Industry
Last May 28, the Department of Energy (DOE) issued a latest memorandum that revises the guidelines for monitoring of petroleum prices by the downstream oil industry.
Energy Secretary Alfonso Cusi said the amendment of the guidelines is consistent with the mandate of the DOE “on effective data-driven policymaking, as well as ensuring greater market transparency.”
“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),” Cusi said
The new guidelines under Department Circular DC 2019-05-0008 will require oil companies 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.
The enhancements on the guidelines 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,” Cusi noted.