Cebu City Council urges DOE, DTI to strictly monitor oil price adjustments

Local

THE Cebu City Council has called on national regulators to tighten oversight of fuel price adjustments and urged oil companies to minimize added charges.

This appeal comes amid another projected round of increases in gasoline, diesel and kerosene prices.

In a resolution approved during this week’s regular session, Councilor Sisinio Andales pressed oil firms operating in Cebu City to exercise corporate responsibility by reducing additional premiums and operating costs that may further inflate pump prices.

The measure urges the Department of Energy (DOE) and the Department of Trade and Industry (DTI) to intensify monitoring of oil price movements and ensure transparency in the computation of pump price adjustments.

Citing DOE projections, the resolution noted that fuel prices are set for another hike in the third week of February 2026, with gasoline expected to increase by about P0.95 per liter, diesel by P0.10 per liter, and kerosene by P0.25 per liter, subject to final trading adjustments.

The council warned that additional costs imposed by oil companies, including operating expenses and premiums, could add another P0.40 to P0.50 per liter, compounding the burden on motorists and consumers.

The projected adjustments would extend a streak of consecutive weekly increases — six weeks for gasoline and eight weeks for diesel — placing sustained pressure on households, businesses and the public transportation sector.

The resolution attributed the anticipated hikes to ongoing geopolitical tensions, particularly between the United States and Iran, and concerns over possible disruptions in oil shipments through the Strait of Hormuz, a key global oil route.

It also cited strong demand in certain regions and seasonal buying activity ahead of the Lunar New Year as contributing factors to upward pressure on global oil prices.

In a previous advisory, oil firms announced increases of as much as P1.20 per liter for diesel and kerosene and 60 centavos per liter for gasoline, marking their ninth and seventh straight weeks of hikes, respectively.

Industry officials earlier linked the upward price movements to persistent geopolitical tensions, including developments in the Middle East and the Ukraine-Russia conflict.

In seeking action from regulators, the City Council said closer scrutiny is needed to ensure that local pump price adjustments accurately reflect global market movements and do not include excessive add-on costs.(TGP)