PH has fuel reserves good for 50 days —DOE’s Garin

Energy Secretary Sharon Garin on Thursday said the Philippines has sufficient fuel reserves amid public concerns due to price volatility resulting from the Middle East tensions.

Interviewed on state-run PTV’s Bagong Pilipinas, Garin said domestic fuel reserves, including fuel retailers’ stockpile as well as incoming orders already in transit, would be good for the next 50 days.

“So sapat siya… We make sure din na ang fuel companies ay umoorder na sila,” she said.

(So it’s sufficient… We also make sure that fuel companies are already ordering for their inventory.)

The Energy chief said the government is also working with other countries to secure fuel supply apart from traditional sources such as Middle Eastern producers.

“We can get from North America, South America, Europe, end even from Africa… Countries in Asia are also willing to sell to us,” Garin said.

“We have alternatives if we cannot secure fuel from the Middle East,” she added.

The Energy chief said that the DOE is expecting another round of pump price hike next week.

“Unfortunately we cannot compute [how much]… we’re only at third trading day, we need five days to compute,” Garin said.

“What I am sure is there will be an increase next week, but we don’t have a computation yet,” she said.

This week, fuel retailers agreed to stagger the big-time pump price hike resulting from the closure of the Strait of Hormuz due to the US-Israel versus Iran conflict.

According to data from the DOE, retailers hiked the per liter prices gasoline by P7.00 to P13.00, diesel by P17.50 to P24.25, and kerosene by P32.00 to P38.50. —AOL, GMA Integrated News