Philippines’ fuel shock exposes limits of deregulated oil market

The Philippines is experiencing a surge in fuel prices due to global market fluctuations, prompting price increases and consumer concerns. The Department of Energy (DOE) has limited authority to regulate the deregulated oil industry, leaving consumers to bear the brunt of rising costs. Advocacy groups criticize the government's temporary measures like a four-day work week as insufficient to address the underlying issue of speculation in global oil markets and the country's dependence on imported fuel. They advocate for suspending fuel taxes through an executive order and investing in renewable energy sources.