The Department of Energy (DOE) has revoked the permits of two gasoline stations accused of profiteering, as authorities intensify efforts to crack down on fuel retailers allegedly exploiting public anxiety over global oil supply concerns.
Energy Secretary Sharon Garin revealed in a television interview that regulators found strong evidence of price manipulation, with the establishments reportedly raising fuel prices by nearly half compared to normal levels.
“This is the most disappointing thing. There are gas stations that took advantage of the panic of our people and the difficulties they’re undergoing,” Garin said.
“So, today, we are cancelling two permits of two gas stations. I just don’t have the names right now.”
The DOE said it received about 85 complaints nationwide involving possible price manipulation.
Following investigations, 55 fuel retailers were issued show-cause orders for alleged profiteering or hoarding.
“We investigated and yung may evidence, strong evidence of profiteering or hoarding, we issued 55. Out of the 85, 55 ang pinadalhan namin ng show-cause order and today is the day we are waiting for their responses,” Garin explained.
Officials stressed that profiteering and hoarding will not be tolerated, especially during periods of economic uncertainty and volatile global energy conditions.
The crackdown forms part of the government’s broader effort to protect consumers and maintain market stability amid ongoing tensions in the Middle East.