Philippines’ fuel shock exposes limits of deregulated oil market
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The Philippines is experiencing a significant fuel price surge following escalating conflict involving Iran, potentially marking one of the country's steepest weekly increases in years. This shock has highlighted the limitations of the country's deregulated oil market, implemented in the late 1990s, which allows companies to set prices based on global markets. Consumer groups and critics argue that this deregulation leaves the government with limited intervention options, burdening households with rising costs. The Department of Energy (DOE) is monitoring gas stations for hoarding and profiteering as price increases, potentially reaching 17-24 pesos per liter, are implemented throughout the week. Officials had reminded retailers that price changes could only take effect on Tuesday.
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