Fuel supply ‘enough’ despite ME tension — DOE

Fuel supply ‘enough’ despite ME tension — DOE | Daily Tribune

The country has enough fuel supply to last nearly a month despite rising tensions in the Middle East, according to the Department of Energy (DOE).

As of Tuesday, 17 June, the supply is enough for 28 days, DOE Officer in Charge Sharon Garin said.

“Compliant ang mga oil companies natin kahit na 15 days lang ang required sa kanila (Our oil companies are compliant even though only 15 days are required of them),” she said in Filipino during a radio interview Wednesday.

She added that the 28-day buffer is sufficient, noting the country sources only 1.5 percent of its domestic fuel use from the Middle East.

Garin also said that in case of a shortage, the Philippines can turn to non-Organization of the Petroleum Exporting Countries for alternatives such as Canada, Mexico, Russia, Brazil, Norway, and the United States.

She, however, noted that prices in these countries may vary, but assured the public that the agency does not expect the Middle East oil industry to be severely affected.

Garin said the impact of Middle East tensions on local fuel prices may be seen through a possible ₱1 increase.

Moreover, the DOE said it is preparing for such scenarios and is coordinating with the Department of Transportation and the Department of Agriculture for potential funding and subsidy programs in case of price spikes.

If oil breaches $80 per barrel, the government will provide fuel subsidies for public transport drivers and fisherfolk.

Oil prices steady, local bourse falls

Oil prices stabilized Wednesday after surging the previous day due to fears of U.S. intervention in the Israel-Iran conflict, which escalated after former US President Donald Trump called for Tehran's "unconditional surrender."

Meanwhile, the Philippine Stock Exchange Index fell as the conflict entered its fifth day. The benchmark index dropped by 31.76 points, or 0.50 percent, to close at 6,337.43.

Stock analyst Luis Limlingan said the decline aligned with weaker-than-expected retail sales data, raising concerns about consumer spending.

“While the Fed is expected to hold rates steady, the weak data may support a more dovish stance,” he said, adding that local investors remained on the sidelines as they awaited the outcome of the latest Bangko Sentral ng Pilipinas meeting, with many forecasting a rate cut. —with reports from Agence France-Presse