Pia Cayetano to DOE: Reflect falling global oil prices at local pumps

Sen. Pia Cayetano. Photo from Sen. Pia Cayetano Facebook page. MANILA, Philippines — Sen. Pia Cayetano on Saturday called on the Department of Energy (DOE) to ensure that any decline in global oil prices resulting from the recent US-Iran agreement is promptly reflected in local pump prices. “I am urging the Department of Energy to monitor this development closely and ensure that any decrease in global oil prices is reflected promptly and fully in local pump prices,” Cayetano said in a statement. “Filipinos should not have to wait longer to feel relief than they did to feel the increase,” she added. The senator’s appeal came after the United States and Iran signed an agreement aimed at ending the Middle East conflict that disrupted oil shipments through the Strait of Hormuz, a key route for global energy trade. The development has raised hopes of easing supply concerns and lowering fuel costs. Industry sources earlier said global oil markets had begun pricing in the potential reopening of the Strait of Hormuz and the return of Middle Eastern crude supplies following the agreement. For the Philippines, industry estimates showed pump prices could decline by P7.50 to P9.50 per liter for diesel and by P3 to P5 per liter for gasoline next week. Cayetano, a former chairperson of the Senate Committee on Energy, said Filipinos, who have shouldered the impact of volatility in the global oil market, should promptly benefit from any reduction in international crude prices. “The agreement reached between the United States and Iran is a welcome development, not only for the region but for ordinary Filipinos who have spent the past several months absorbing the cost of global oil market volatility at the pump,” she said. She added that vigilance remains necessary to ensure that any decrease in global oil prices translates into actual relief for consumers.