Department of Energy Secretary Sharon Garin said Thursday the country’s oil supply is nearing maximum storage capacity amid continued uncertainty in the global market.

“Our supply here in the Philippines is at the highest that we can have for now, because our maximum capacity is 60 days, and we currently have 54,” Garin said in an interview with SuperRadyo DZBB.

She said the Philippine National Oil Company does not sell or dispose of oil reserves to maintain supply security.

Garin said the government continues to monitor the country’s storage capacity as global developments may still affect supply and prices. 

Things to depend on a daily basis

“Right now, because of the situation, things will depend on a daily basis. Sometimes there will be good news, sometimes the opposite. But as of the moment, we can see that the market reacted for the last two days, when prices rose. Let us wait for two more days and see if there are any effects,” she said.

The energy chief added it remains too early to determine whether fuel prices will increase or roll back in the coming days.

Garin said ASEAN energy officials have discussed regional stockpiling and supply-sharing arrangements to strengthen energy security.

“We should have a regional cooperation, energy security, in the future, and [energy] reserve here in our region,” she said.