The Department of Energy (DOE) told lawmakers on Monday that there is no problem with oil supply, but warned that prices are expected to rise sharply due to global market conditions.
During a briefing before the House Committee on Ways and Means, chaired by Marikina 2nd District Rep. Miro Quimbo, DOE Secretary Sharon Garin said the issue confronting the country is the price of oil, not the availability of supply.
Garin said there is currently no worldwide supply shortage, but the ongoing global tensions are driving up prices.
To help secure fuel supply, the DOE is also exploring possible government-to-government agreements with other countries.
According to Garin, the Philippines has enough fuel supply for now and stocks are expected to last beyond April, but the concern is how much the country will have to pay for oil.
She also confirmed that the expected fuel price hike on Tuesday, 10 March, could be the largest increase so far, with pump prices projected to rise by ₱17 to ₱24 per liter for the week.
The wide range reflects differences among oil companies, including major firms and smaller independent players.
However, local oil companies have agreed to implement the increases in a staggered manner to cushion the impact on consumers.
Some firms plan to impose adjustments in increments of ₱2.50 per liter during the week, while others may implement an initial ₱10 per liter increase, with the remaining adjustments to follow in subsequent price changes.
The briefing was led by Quimbo as the country braces for the ripple effects of surging global fuel prices.
The DOE said the government is preparing early to mitigate the impact, noting that the conflict affecting oil markets remains ongoing.
Oil companies are also exploring additional supply sources, including South America, the United States, Australia, and even Africa, while locking in orders to secure supply.
According to the DOE, current fuel stocks in the country, combined with shipments already en route, are enough to sustain supply until April.
However, Garin reiterated that the main concern remains the price of oil rather than supply availability.
She also noted that the government cannot regulate oil prices since the fuel sector operates under a deregulated industry framework.