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Manila Bulletin devider Philippines devider DOE warns against hoarding of fuels amid series of price hikes

DOE warns against hoarding of fuels amid series of price hikes

Published Mar 15, 2022 01:23 pm

CEBU CITY—Amid the skyrocketing prices of fuel, retail outlets were reminded not to resort to hoarding.

In an advisory, the Department of Energy-Visayas Field Unit (DOE-VFU) told retail outlets that hoarding petroleum products before a price increase or in times of tight supply is prohibited under Section 2 of Presidential Decree 1865.

“Undue accumulation of inventory by industry participant beyond normal inventory also constitutes hoarding of petroleum products,” the DOE-VFU said.

The hoarding of petroleum for retail is defined as refusal or failure to sell to the general public even when supply is available and a customer has the ability to pay in cash.

Those found guilty of hoarding may face imprisonment of up to five years or a fine of up to P50,000.

Similar penalties may also be imposed on industries committing such violation, the DOE-VFU warned.

The DOE-VFU advised the public to report hoarding activities to its Director Russ Mark Gamallo at mobile number 09158873357.

Another round of a hefty price increase was implemented on Tuesday, March 15, driving prices of diesel and gasoline products to as high as P80 per liter.

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