PH has two-month supply of oil — BOC

The Philippines has a two-month supply of petroleum products amid the ongoing conflict in the Middle East, the Bureau of Customs said Sunday.

“Yung supply natin mula sa Department of Energy (DOE), halos may pang dalawang buwan na supply (Our supply from the DOE is almost good for two months),” BOC Commissioner Ariel Nepomuceno told Super Radyo dzBB.

Nepomuceno made the statement as continuing concerns over the Middle East conflict may push next week's fuel pump prices even higher than previous projections.

DOE earlier said "minimum estimates" for next week's fuel price increases are as follows:

Diesel — P19.00 per liter
Gasoline — P9.00 per liter
Kerosene — P31.00 per liter

Nepomuceno said the BOC is inspecting oil company warehouses and depots to ensure there is no artificial shortage in the country.

The DOE said it has intensified its monitoring against possible hoarding and profiteering in the sale of petroleum products.

Nepomuceno said the Middle East conflict could affect tax collections from petroleum products, as the country earns about P330 billion to P410 billion annually from oil taxes.

The Energy Dept. earlier said it is preparing measures to mitigate the impact of the ongoing tension in the Middle East on the country’s petroleum supply and price situation. —RF, GMA Integrated News