DOE: Gov’t secures oil supply, tightens monitoring vs profiteering

Department of Energy (DOE) Secretary Sharon Garin said that, through the Philippine National Oil Company (PNOC), the government is procuring its own fuel supply, securing P165 million worth, or about 1.042 million barrels of oil, from various countries during a press briefing with the Malacañang Press Corps (MPC) on 10 April.

Garin said 149 million liters of petroleum products were delivered last week, with around 300 million liters more expected in the next three weeks. Deliveries will be staggered to manage storage capacity, with shipments set to arrive within the month.

She added that oil companies are also exploring additional sources to secure supply.

“The 50% stock level does not remain stagnant because even if people consume it, it is continuously replenished,” Garin said.

Garin noted that energy consumption plays a key role in supporting economic activity, while encouraging the public to observe “Earth Hour” once a week for an entire day.

“We can’t control the conflict in the Middle East, but we can control our consumption… It will really help our country,” she said.

The DOE is also closely monitoring oil firms to ensure consumer protection and prevent hoarding and profiteering.

“The DOE has checked more than 500 [gas] companies,” Garin said.

With the assistance of the Philippine National Police (PNP) and local government units, the DOE has been collecting weekly reports on price adjustments from fuel companies amid continued increases.

The Philippine Competition Commission (PCC) is likewise conducting its own review to determine possible violations.

The DOE said investigations remain ongoing as authorities work to ensure proper monitoring of fuel prices and compliance with fair pricing regulations.