The Department of Energy (DOE) has issued warning against “profiteers” who will be taking advantage of the Filipino consumers amid the skyrocketing prices at petroleum pumps.

Given reports that some gasoline stations in the provinces are already selling oil commodities close to P100 per liter, Energy Undersecretary Gerardo Erguiza Jr. had apprised the public, through the media, that “if you see any price that’s too high, please report it to the Department of Energy.”

Once the department would receive reports of exorbitant prices at retail pumps, Erguiza said “We will check immediately and we will deploy people to verify the information on the ground,” and “go against these acts.”

Based on estimates and monitoring of the energy department, it was noted that prevailing price ranges for RON95 gasoline products are hovering at P60 to P83 per liter; diesel products are being retailed at P52 to P65 per liter; and kerosene products at P61 to P68 per liter.

Energy Secretary Alfonso G. Cusi similarly declared that the country has sufficient fuel inventory that could last for over 40 days for diesel products; and 49.7 days for gasoline commodities.

“We are not lacking in supply given that we source our crude oil requirements primarily from the Middle East, and finished products from Asia-Pacific,” the energy chief said.

He admitted though that it will be the lingering price hikes at the pumps that will punish the pockets and paychecks of Filipino consumers -- especially since there is no clear end in sight yet on when global prices would wane.

In fact, international benchmark Brent crude surged past US$110 per barrel as of Wednesday (March 2) trading due to the deepening Ukraine-Russia crisis – that was after Russian President Vladimir Putin already signaled that his country’s nuclear forces will already be placed on the line; hence, dashing hopes of possible negotiations between the warring countries.

“The impact of the Ukraine crisis on international oil markets does have a direct effect on our prices. This is why we continue to appeal to everyone to observe energy efficiency and conservation measures during this critical period,” Cusi stressed.

The energy chief pointed out that for the Philippines, “our country, as an importer of petroleum products, is again at the mercy of global price movements. We must work towards decreasing our dependence on others for our energy needs.”

Cusi echoed that the directive of outgoing President Rodrigo Duterte “has been very clear – facilitate the smooth transition of programs to the new administration. This is what the DOE has been doing.”

And since the downstream oil industry is deregulated, the energy department conveyed that it has its hand tied up when it comes to pricing interventions -- as well as on bids to itemize or unbundle the various cost components being passed on to consumers at the pumps.

Given the limitation of existing policies and laws, the DOE asserted that what it can do is to exercise ‘moral suasion’, primarily in convincing the oil companies “for promotional programs that extend fuel discounts to the public transport sector.”

That will be on top of the P2.5 billion cost subsidy that has already been approved for release by the Executive Branch – at least to temporarily assure that petitions for transport fare hikes can be muted for now.