BOC to inspect oil depots, monitor fuel imports vs hoarding

The Bureau of Customs (BOC) will inspect oil depots and monitor fuel importations to prevent hoarding and supply manipulation as tensions in the Middle East raise concerns about possible disruptions in global oil supply.

BOC Assistant Commissioner and spokesperson Vincent Philip Maronilla said the agency is coordinating with petroleum importers and other government agencies to ensure oil supplies are properly documented and distributed.

“Well, ang ginagawa namin ngayon ay nakikipag-coordinate kami sa mga importers natin ng petroleum products para tingnan ang kanilang supply sa ngayon," he said at the Bagong Pilipinas Ngayon public briefing on Monday. 

(We are coordinating with petroleum product importers to check their current supply.)

Maronilla said the BOC will also conduct inspections of oil depots using the agency’s visitorial powers.

“Sisiguraduhin namin na iyong mga laman ng mga depots ng iba’t ibang petroleum companies ay legal na nai-angkat… at walang hoarding na nangyayari.”

(We will ensure that the contents of petroleum depots of different petroleum companies were legally imported and that no hoarding is taking place.)

The agency is coordinating with the Department of Energy and the Department of Trade and Industry to monitor supply levels and market practices.

Maronilla said authorities will also verify declarations of fuel shipments entering the country.

“Titingnan namin talaga kung ano talaga iyong laman noong kani-kanilang mga deklarasyon para accurate rin ang makapasok na data kung ilan talaga ang naiangkat at ilan ang suplay natin," he said. 

(We will verify the contents of their declarations so that the data on how much was imported and how much supply we have is accurate.)

So far, the BOC said no irregularities have been detected.

He also urged the public to remain calm and avoid panic buying.

“Kami po ay nananawagan sa ating publiko na huwag muna po tayong mag-panic buying," he added. 

(We call on the public not to engage in panic buying.)

The Middle East conflict began after a joint US-Israel operation dubbed Operation Epic Fury launched airstrikes targeting Iran’s seat of government, reportedly to deter Iran’s missile program, which they say threatens regional security.

The operation has reportedly killed Iranian leaders and prompted Iran to retaliate with airstrikes targeting US bases and other facilities in the Middle East—regions from which the Philippines imports 98% of its crude oil supply.

Meanwhile, oil prices are expected to increase by P17 to P24 per liter this week, but the hike will be spread over seven days instead of being implemented in a single day, Energy Secretary Sharon Garin said earlier today.  —RF, GMA Integrated News